SOLUTION: how much money do i need to net EXACTLY $25,000 in 8 years at 5%interest compounded annually? Carrying out three decimal points then round to nearest $

SOLUTION: how much money do i need to net EXACTLY $25,000 in 8 years at 5%interest compounded annually? Carrying out three decimal points then round to nearest $

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Question 717932: how much money do i need to net EXACTLY $25,000 in 8 years at 5%interest compounded annually? Carrying out three decimal points then round to nearest $
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
how much money do i need to net EXACTLY $25,000 in 8 years at 5%interest compounded annually?
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Interest = AMT*(1.05)^n - AMT = 25000
AMT*(-1 + 1.05^8) = 25000
AMT = 25000/(-1 +1.05^8)
AMT =~ $52,360.9068

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