To help with his child’s college fund, John needs to invest. Assuming an interest rate of 2.27% compounded monthly, how much would he have to invest to have 83,700 after 14 years?

פתרון

To help with his child’s college fund, John needs to invest. Assuming an interest rate of 2.27% compounded monthly, how much would he have to invest to have 83, 700 after 14 years?

פתרון

Principal : 60930.82

צעדי פתרון

Translate the problem into an equation:

83700 = P (1 + \frac{0.0227}{12})^{12 \cdot 14}

83700 = P (1 + \frac{0.0227}{12})^{12 \cdot 14}, P

פתור בשביל:

P = 60930.82

Principal : 60930.82

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