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Popular Word Problems >

To help with his retirement savings, Hans has decided to invest. Assuming an interest rate of 3.48% compounded annually, how much would he have to invest to have 148,700 after 16 years?

Solución

T o h e lp w i t h hi s re t i re m e n t s a v in g s, H an s ha s d ec i d e d t o in v es t . A ss u min g an in t eres t r a t e o f 3.48% co m p o u n d e d ann u a ll y, h o w m u c h w o u l d h e ha v e t o in v es t t o ha v e 148, 700 a f t er 16 ye a rs ?

Solución

Principal : 86021.74

Pasos de solución

Translate the problem into an equation:

148700 = P (1 + \frac{0.0348}{1})^{1 \cdot 16}

Resolver para

P, 148700 = P (1 + \frac{0.0348}{1})^{1 \cdot 16} : P = 86021.74

Principal : 86021.74

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