SOLUTION: An invested wants to earn $50 000 in 9 months, if the best available interest rate is 5% per annum
Calculate how much should be invested now to yield the desired amount
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Question 1073379: An invested wants to earn $50 000 in 9 months, if the best available interest rate is 5% per annum
Calculate how much should be invested now to yield the desired amount
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
The best interest rate found is 5% per annum, and the investment period is 9 months, so .05 x 9/12, or .0375 is the actual yield. Then let n be the amount to be invested. Then:
.0375n=50000
n=50000/.0375=$1,333,333.33 needs to be invested to earn $50000 in 9 months. ☺☺☺☺
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