SOLUTION: Any help would be appreciated. I keep getting the same answer which is incorrect. Charmaine is going to invest to help with a down payment on a home. How much would she have to

Question 1168813: Any help would be appreciated. I keep getting the same answer which is incorrect.
Charmaine is going to invest to help with a down payment on a home. How much would she have to invest to have 49,600 after 8 years, assuming an interest rate of 1.66% compounded monthly?
Do not round any intermediate computations, and round your final answer to the nearest dollar.
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.


The basic equation to start is


    49600 = ,


where X is your unknown amount to invest.


You simplify this equation to this form


    49600 = X*1.141917


and then get  your answer


    X =  = 43435.73 dollars.

Solved.

Are you satisfied now ?

-----------------

For all details and explanations, look into these two lessons
    - Compound interest percentage problems
    - Problems on discretely compound accounts
in this site, and learn the subject from there.

After reading these lessons, you will tackle such problems on your own without asking for help from outside.

Also, you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lessons are the part of this online textbook under the topic "Logarithms".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

Happy learning (!)

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