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Populaire Word Problems >

Henry wants to save 54,000 for his dream vacation. How much will he need to invest in an account with 8.2% APR, compounding daily, in ordonner to reach his goal in 5 years?

Solution

He n ry w an t s t o s a v e 54, 000 f or hi s d re am v a c a t i o n . Ho w m u c h w i ll h e n ee d t o in v es t in an a cco u n t w i t h 8.2% A PR, co m p o u n d in g d ai l y, in or d er t o re a c h hi s g o a l in 5 ye a rs ?

Solution

Amount : 81364.41

étapes des solutions

Translate the problem into an equation:

A = 54000 (1 + \frac{0.082}{365})^{365 \cdot 5}

54000 (1 + \frac{0.082}{365})^{365 \cdot 5} = 81364.41364 \dots

Arrondir à hundredth la plus proche:

81364.41

Amount : 81364.41

Exemples populaires

Determine the future value if 750 is invested at 7.25% for 4 years compounded annually. 992.32b One number is 9 more than another number. Twice the sum of the two numbers is 10. Let x and y be the 2 numbers Twice the différence of a number and 5 is 2 equation Find two consecutive whole numbers that sqrt(58) lies between.Braden opened a savings account and deposited 4,000.00 as principal. The account earns 7% interest, compounded monthly. What is the balance after 7 years?