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Popular Word Problems >

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

Solução

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 .

Solução

Principal : 3276.01

Passos da solução

Translate the problem into an equation:

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

Resolver para

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

Principal : 3276.01

Exemplos populares

two times a number 13 is 5 greater than half a number Hope invests 8,000 into an account that compounds monthly at an interest rate of 6%. How much money will Hope have in the account after 10 years?Bryan puts 600.00 into an account to use for school expenses. The account earns 3% interest, compounded quarterly. How much will be in the account after 7 years?A fair coin is flipped four times. Use a tree diagram to find the probability of observing exactly two heads.Enter your answer as a percentage, to the nearest percent.