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Popular Word Problems >

How much would you need to deposit in an account now in ordenar to have 2000 in the account in 10 years? Assume the account earns 7% interest compounded monthly.

Solución

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 2000 in t h e a cco u n t in 10 ye a rs ? A ss u m e t h e a cco u n t e a r n s 7% in t eres t co m p o u n d e d m o n t h l y .

Solución

Principal : 995.19

Pasos de solución

Translate the problem into an equation:

2000 = P (1 + \frac{0.07}{12})^{12 \cdot 10}

Resolver para

P, 2000 = P (1 + \frac{0.07}{12})^{12 \cdot 10} : P = 995.19

Principal : 995.19

Ejemplos populares

You deposit 3000 in an account earning 5% interest compounded continuously. How much will you have in the account in 10 years?Aubrey opened a savings account and deposited 500.00 as principal. The account earns 13% interest, compounded quarterly. How much interest will she earn after 2 years?9 less than a number Translate the sentence into algebraic symbols. Eleven less than four times a number x is sixty-nine.The sum of four consecutive even numbers is 44 . Find the highest of them.