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Popular Word Problems >

Mckenzie wants 10,000 saved in 6 years to make a down payment on a house. How much money should she invest now at 2.4% compounded monthly in order to meet her goal

Solution

M c k e n z i e w an t s 10, 000 s a v e d in 6 ye a rs t o mak e a d o w n p a y m e n t o n a h o u se . Ho w m u c h m o n ey s h o u l d s h e in v es t n o w a t 2.4% co m p o u n d e d m o n t h l y in or d er t o m ee t h er g o a l

Solution

Principal : 8660.12

Solution steps

Translate the problem into an equation:

10000 = P (1 + \frac{0.024}{12})^{12 \cdot 6}

Solve for

P, 10000 = P (1 + \frac{0.024}{12})^{12 \cdot 6} : P = 8660.12

Principal : 8660.12

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