SOLUTION: I am trying to solve the problem of how much money will I need to invest in order to have $30,000 in 12 years at a rate of 5 percent.
Please help me solve The present value for
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Question 689369: I am trying to solve the problem of how much money will I need to invest in order to have $30,000 in 12 years at a rate of 5 percent.
Please help me solve The present value formula is P = A(1+r)-n where P is the present value A is the dollar amount in n years at interest rate r compounded annually using rules of exponent
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
invest in order to have $30,000 in 12 years at a rate of 5 percent.
:
The formula we want: P*(1+.05)^12 = 30000
p*1.05^12 = 30000
find 1.05^12 on a calc
p * 1.795856 = 30000
p =
p = $16,705.12
:
:
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