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Popular Word Problems >

what amount must be deposited by a student that pays 2% compounded annually so that after 12 years he will have 100,000

Solution

w ha t am o u n t m u s t b e d e p os i t e d b y a s t u d e n t t ha t p a ys 2% co m p o u n d e d ann u a ll y so t ha t a f t er 12 ye a rs h e w i ll ha v e 100, 000

Solution

Principal : 78849.32

Solution steps

Translate the problem into an equation:

100000 = P (1 + \frac{0.02}{1})^{1 \cdot 12}

Solve for

P, 100000 = P (1 + \frac{0.02}{1})^{1 \cdot 12} : P = 78849.32

Principal : 78849.32

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