SOLUTION: How much money would you have to invest today at 6% APR compounded monthly to accumulate the sum of $200,000 in 40 years? (Round your answer to two decimal places.)
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Question 943191: How much money would you have to invest today at 6% APR compounded monthly to accumulate the sum of $200,000 in 40 years? (Round your answer to two decimal places.) Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! How much money would you have to invest today at 6% APR compounded monthly to accumulate the sum of $200,000 in 40 years?
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40 yrs = 480 months
6% APR = 0.5%/month
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200000 = Amt*(1 + 0.005)^480
Amt = 200000/1.005^480
Amt = $18252.42
