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Popular Word Problems >

What would you have to invest today at 5% interest compounded monthly if you wish to have 20,000 in 10 years?

Solución

Wha t w o u l d yo u ha v e t o in v es t t o d a y a t 5% in t eres t co m p o u n d e d m o n t h l y i f yo u w i s h t o ha v e 20, 000 in 10 ye a rs ?

Solución

Principal : 12143.22

Pasos de solución

Translate the problem into an equation:

20000 = P (1 + \frac{0.05}{12})^{12 \cdot 10}

Resolver para

P, 20000 = P (1 + \frac{0.05}{12})^{12 \cdot 10} : P = 12143.22

Principal : 12143.22

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