SOLUTION: Interest rate
How much money should be invested in an account that earns 9% interest, compounded monthly, in order to have $16,000 in 4 years? (Round your answer to two decima
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Question 1058001: Interest rate
How much money should be invested in an account that earns 9% interest, compounded monthly, in order to have $16,000 in 4 years? (Round your answer to two decimal places.)
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
you don't say, so I'll assume it's compounded annually:
16,000 = x(1+0.09)^4
16,000 = x(1.4116)
x = 16,000/1.4116
x = 11,334.80
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
Interest rate
How much money should be invested in an account that earns 9% interest, compounded monthly, in order to have $16,000 in 4 years? (Round your answer to two decimal places.)
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