SOLUTION: How much money would you have to invest today at 6% APR compounded monthly to accumulate the sum of $200,000 in 40 years? (Round your answer to two decimal places.)

Question 943191: How much money would you have to invest today at 6% APR compounded monthly to accumulate the sum of $200,000 in 40 years? (Round your answer to two decimal places.)
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
How much money would you have to invest today at 6% APR compounded monthly to accumulate the sum of $200,000 in 40 years?
----
40 yrs = 480 months
6% APR = 0.5%/month
---
200000 = Amt*(1 + 0.005)^480
Amt = 200000/1.005^480
Amt = $18252.42
RELATED QUESTIONS
How much money should be deposited today in an account that earns 6% compounded monthly... (answered by ewatrrr)

How much money should be deposited today in an account that earns 6% compounded monthly... (answered by ewatrrr)

How much money should I invest to the nearest cent at 6%/a compounded monthly to have... (answered by ikleyn)

You wish to purchased a house for $200,000 in 12 years. You can invest your money at 5%/a (answered by Theo)

You wish to purchased a house for $200,000 in 12 years. You can invest your money at 5%/a (answered by ikleyn)

if you invest $20,000 at an APR of 3.5% for 20 years, how much money would you have in... (answered by ikleyn)

how much money should be deposited today in an account that earns 3.5% compounded monthly (answered by htmentor)

How much money must you invest today to have $100,000.00 for your chil'd education in 18 (answered by nerdybill)