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Popular Word Problems >

. How much money should I invest, to the nearest cent, at 6%/a compounded monthly to have 20,000in 4 years

Solution

. Ho w m u c h m o n ey s h o u l d I in v es t, t o t h e n e a res t ce n t, a t 6%/ a co m p o u n d e d m o n t h l y t o ha v e 20, 000 in 4 ye a rs

Solution

Principal : 15741.97

Solution steps

Translate the problem into an equation:

20000 = P (1 + \frac{0.06}{12})^{12 \cdot 4}

Solve for

P, 20000 = P (1 + \frac{0.06}{12})^{12 \cdot 4} : P = 15741.97

Principal : 15741.97

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