SOLUTION: Cjane needs to raise P800,000 in 18 months. What amount should she be able to set aside now and invest in a fund earning 2% per month in order for him to reach his target amount?

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Question 1188396: Cjane needs to raise P800,000 in 18 months. What amount should she be able to set aside now and invest in a fund earning 2% per month in order for him to reach his target amount?
Found 2 solutions by ikleyn, MathTherapy:
Answer by ikleyn(52798) About Me  (Show Source):
You can put this solution on YOUR website!
.
Cjane needs to raise P800,000 in 18 months. What amount should she be able to set aside now
and invest in a fund earning 2% per month in order for him to reach his target amount?
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Write equation as you read the problem


    800000 = X%2A%281%2B0.02%29%5E18.


Simplify and find X


    800000 = X%2A1.02%5E18

    X = 800000%2F1.02%5E18 = 560127.50.    ANSWER

Solved.



Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!
Cjane needs to raise P800,000 in 18 months. What amount should she be able to set aside now and invest in a fund earning 2% per month in order for him to reach his target amount?
With A being the present value or amount to invest NOW, we get: 

My bad!! It's 2% per MONTH, but I calculated 2% per year. Tutor @IKLEYN is correct!