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Populaire Word Problems >

Jamar is going to invest in an account paying an interest rate of 4.7% compounded quarterly. How much would Jamar need to invest, to the nearest ten dollars, for the value of the account to reach 18,000 in 7 years?

Solution

J ama r i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 4.7% co m p o u n d e d q u a r t er l y . Ho w m u c h w o u l d J ama r n ee d t o in v es t, t o t h e n e a res t t e n d o ll a rs, f or t h e v a l u e o f t h e a cco u n t t o re a c h 18, 000 in 7 ye a rs ?

Solution

Principal : 12978.44

étapes des solutions

Translate the problem into an equation:

18000 = P (1 + \frac{0.047}{4})^{4 \cdot 7}

Solutionner pour

P, 18000 = P (1 + \frac{0.047}{4})^{4 \cdot 7} : P = 12978.44

Principal : 12978.44

Exemples populaires

Twice the différence of a number and 8 is equal to 2 Between which two consecutive integers does \sqrt[3]{275} lie?A person invests 7000 dollars in a bank. The bank pays 7% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 12400 dollars?Brayden went shopping for a new video game. Sales tax where he lives is 6.5%. The price of the video game is 30. Find the total price including tax. Round to the nearest cent.Hannah invested 540 in an account paying an interest rate of 4.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 18 years?