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Popular Word Problems >

How much money should you invest now to have 15,000 in 9 years if you invest the money at a rate of 1.2%, compounded monthly?

Solution

Ho w m u c h m o n ey s h o u l d yo u in v es t n o w t o ha v e 15, 000 in 9 ye a rs i f yo u in v es t t h e m o n ey a t a r a t e o f 1.2%, co m p o u n d e d m o n t h l y ?

Solution

Principal : 13465.14

Solution steps

Translate the problem into an equation:

15000 = P (1 + \frac{0.012}{12})^{12 \cdot 9}

Solve for

P, 15000 = P (1 + \frac{0.012}{12})^{12 \cdot 9} : P = 13465.14

Principal : 13465.14

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