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Popular Word Problems >

How much money should you invest now to have 5000 in 12 years if you invest the money at a rate of 1.4%, compounded semiannually?:

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 5000 in 12 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 1.4%, co m p o u n d e d se miann u a ll y ? :

Solution

Principal : 4229.24

Solution steps

Translate the problem into an equation:

5000 = P (1 + \frac{0.014}{2})^{2 \cdot 12}

Solve for

P, 5000 = P (1 + \frac{0.014}{2})^{2 \cdot 12} : P = 4229.24

Principal : 4229.24

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