SOLUTION: how much would you need to deposit in an account now in order to have $6000 in
the account in 15 years? Assume the account earns 8% simple interest. Round
your answer to the
Algebra.Com
Question 1055062: how much would you need to deposit in an account now in order to have $6000 in
the account in 15 years? Assume the account earns 8% simple interest. Round
your answer to the nearest cent
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
how much would you need to deposit in an account now in order to have $6000 in
the account in 15 years? Assume the account earns 8% simple interest. Round
your answer to the nearest cent
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A(t) = P(1+r*t)
------
6000 = P(1+0.08*15)
------
6000 = P(1+1.20)
-----
P = 6000/(2.2)
Principal = $2727.27
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Cheers,
Stan H.
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