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Popolare Word Problems >

Joel and Asia have a new grandson. How much money should they invest now so that he will have 73,000 for his college education in 18 years? The money is invested at 4.7% compounded quarterly.

Soluzione

J oe l an d A s ia ha v e a n e w g r an d so n . Ho w m u c h m o n ey s h o u l d t h ey in v es t n o w so t ha t h e w i ll ha v e 73, 000 f or hi s co ll e g e e d u c a t i o n in 18 ye a rs ? T h e m o n ey i s in v es t e d a t 4.7% co m p o u n d e d q u a r t er l y .

Soluzione

Principal : 31481.22

Fasi della soluzione

Translate the problem into an equation:

73000 = P (1 + \frac{0.047}{4})^{4 \cdot 18}

Risolvi per

P, 73000 = P (1 + \frac{0.047}{4})^{4 \cdot 18} : P = 31481.22

Principal : 31481.22

Esempi popolari

You invest 1000 into your bank account. The account has an interest 5%, compounded monthly.How many years would it take for your to have 2000.Find two consecutive whole numbers that sqrt(79) lies between.Mike opened a savings account and deposited 200.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 9 years?9 years from now Peter will be 38 years old. The current sum of the ages of Peter and Paul is 75 How old is Paul right now??Twice a number is 4 less than 26. What is the number?