Suppose you open a savings account today which will yield 7.85% interest. How much money should you deposit if you would like there to be \$6,000 in the account in 5 years, assuming the interest is compounded...

الحلّ

S u pp ose yo u o p e n a s a v in g s a cco u n t t o d a y w hi c h w i ll y i e l d 7.85% in t eres t . Ho w m u c h m o n ey s h o u l d yo u d e p os i t i f yo u w o u l d l ik e t h ere t o b e $6, 000 in t h e a cco u n t in 5 ye a rs, a ss u min g t h e in t eres t i s co m p o u n d e d ...

Amount : 8754.92

خطوات الحلّ

Translate the problem into an equation:

A = 6000 (1 + \frac{0.0785}{1})^{1 \cdot 5}

6000 (1 + \frac{0.0785}{1})^{1 \cdot 5} = 8754.91628 \dots

Round to the nearest hundredth:

8754.92

Amount : 8754.92