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Popular Word Problems >

Bashir is going to invest in an account paying an interest rate of 5.7% compounded quarterly. How much would Bashir need to invest, to the nearest hundred dollars, for the value of the account to reach 29,000 in 19 years?

Solution

B a s hi r i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 5.7% co m p o u n d e d q u a r t er l y . Ho w m u c h w o u l d B a s hi r n ee d t o in v es t, t o t h e n e a res t h u n d re d d o ll a rs, f or t h e v a l u e o f t h e a cco u n t t o re a c h 29, 000 in 19 ye a rs ?

Solution

Principal : 9894.11

Solution steps

Translate the problem into an equation:

29000 = P (1 + \frac{0.057}{4})^{4 \cdot 19}

Solve for

P, 29000 = P (1 + \frac{0.057}{4})^{4 \cdot 19} : P = 9894.11

Principal : 9894.11

Popular Examples

The sum of a number and its square is 72. What is the number Jackson invested 52,000 in an account paying an interest rate of 2.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 17 years?Madison invested 3,300 in an account paying an interest rate of 6.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 5 years?d. Indicator Dakora is three years more than twice the age of Bayor. If Bayor was 14 years two years ago. Find Dakora 5500 dollars is placed in an account with an annual interest rate of 5.25%. To the nearest year, how long will it take for the account value to reach 11100 dollars?