SOLUTION: how much money should be invested in an account that earns 9% interest, compounded monthly, if you want to have 5000000 after 20 years
Algebra.Com
Question 504296: how much money should be invested in an account that earns 9% interest, compounded monthly, if you want to have 5000000 after 20 years
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P = x
Amount= 5000000
years=n 20
compounded 12 times a year (t)
Rate = 9.00 0.750
Amount = P*((n+r)/n)^nt
5000000 = x *( 1 + r/n )^ n
5000000 =P(1+0.090/12)^ 12* 20
5000000 = P( 1.00750 )^ 240
5000000 /( 1.01 )^ 240 = P
P= 832064.22
RELATED QUESTIONS
How much money should be invested in an account that earns 9% interest, compounded... (answered by mananth)
How much money should be invested in an account that earns 9% interest,compounded... (answered by checkley79)
Interest rate
How much money should be invested in an account that earns 9%... (answered by addingup,MathTherapy)
How much money should be invested in an account that earns 9% interest, compounded... (answered by Theo,josgarithmetic)
how much money should Sheila invest in an account that earns 8% annual interest... (answered by jojo14344)
How much money should Sheila invest in an account that earns 8% annual interest... (answered by MathTherapy)
How much money should Sheila invest in an account that earns 8% annual interest... (answered by rfer)
How much money should Sheila invest in an account that earns 8% annual interest... (answered by solver91311)
My teacher didn't give me any formulas for these things.. please help me!! T~T
1. You (answered by KMST)