SOLUTION: How much money should be invested in an account that earns 9% interest,compounded monthly,if you want to have $500,000 after 20 years?

SOLUTION: How much money should be invested in an account that earns 9% interest,compounded monthly,if you want to have $500,000 after 20 years?

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Question 732226: How much money should be invested in an account that earns 9% interest,compounded monthly,if you want to have $500,000 after 20 years?
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
X(1+.09/12)^20*12=500,000
X(1+.0075)^240=500,000
X=(1.0075)^240=500,000
X*6=500,000
X=500,000/6
X=$83,333.33 AMOUNT TO INVEST.
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