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Popolare Word Problems >

The Elders hope to accumulate 8000 for a sunroom over the next 8 years. How much would they need to invest right now at 3.4% compounded quarterly to reach that goal? Do not round any intermediate computations. Round your answer to the nearest cent.

Soluzione

T h e El d ers h o p e t o a cc u m u l a t e 8000 f or a s u n roo m o v er t h e n e x t 8 ye a rs . Ho w m u c h w o u l d t h ey n ee d t o in v es t r i g h t n o w a t 3.4% co m p o u n d e d q u a r t er l y t o re a c h t ha t g o a l ? Do n o t ro u n d an y in t er m e d ia t e co m p u t a t i o n s . R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Soluzione

Principal : 6101.84

Fasi della soluzione

Translate the problem into an equation:

8000 = P (1 + \frac{0.034}{4})^{4 \cdot 8}

Risolvi per

P, 8000 = P (1 + \frac{0.034}{4})^{4 \cdot 8} : P = 6101.84

Principal : 6101.84

Esempi popolari

Lucia opened a savings account and deposited 100.00. The account earns 5% interest, compounded monthly. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?two more than three times a number is seven Jestoni deposits 520 into savings account that has a 3.5 % interest rate compounded monthly. What will be the:balance of Jestoni's savings account after 2 years?In 3 years, Bobby wants to buy a bicycle that costs 700.00. If he opens a savings account that earns 7% interest compounded annually, how much will he have to deposit as principal to have enough money in 3 years to buy the bike?A savings account earns an interest rate of 2.75% compounded monthly for an account with an initial deposit of 5,000 dollars . How much money will be in the account after 8 years? Round your answer to the nearest hundredth.