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Popular Word Problems >

If you need 4800 in 6 years, and can earn a return of 8% per year, how much should you invest today?

Solution

I f yo u n ee d 4800 in 6 ye a rs, an d c an e a r n a re t u r n o f 8% p er ye a r, h o w m u c h s h o u l d yo u in v es t t o d a y ?

Solution

Principal : 3243.24

Solution steps

Translate the problem into an equation:

4800 = P (1 + 0.08 \cdot 6)

Solve for

P, 4800 = P (1 + 0.08 \cdot 6) : P = 3243.24

Principal : 3243.24

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