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Beliebt Word Problems >

How much would you need to deposit in an account now in ordnung to have 4000 in the account in 5 years? Assume the account earns 4% interest compounded monthly.

Lösung

Ho w m u c h w o u l d yo u n ee d t o d e p os i t in an a cco u n t n o w in or d er t o ha v e 4000 in t h e a cco u n t in 5 ye a rs ? A ss u m e t h e a cco u n t e a r n s 4% in t eres t co m p o u n d e d m o n t h l y .

Lösung

Principal : 3276.01

Schritte zur Lösung

Translate the problem into an equation:

4000 = P (1 + \frac{0.04}{12})^{12 \cdot 5}

Löse nach

P, 4000 = P (1 + \frac{0.04}{12})^{12 \cdot 5} : P = 3276.01

Principal : 3276.01

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