Colton is going to invest in an account paying an interest rate of 2.4% compounded annually. How much would Colton need to invest, to the nearest cent, for the value of the account to reach 4,100 in 7 years?

الحلّ

Colton is going to invest in an account paying an interest rate of 2.4% compounded annually. How much would Colton need to invest, to the nearest cent, for the value of the account to reach 4, 100 in 7 years?

الحلّ

Principal : 3472.84

خطوات الحلّ

Translate the problem into an equation:

4100 = P (1 + \frac{0.024}{1})^{1 \cdot 7}

4100 = P (1 + \frac{0.024}{1})^{1 \cdot 7}, P

حلّ لـ:

P = 3472.84

Principal : 3472.84

أمثلة شائعة

4900 dollars is placed in an account with an annual interest rate of 5.75%. To the nearest tenth of a year, how long will it take for the account value to reach 13500 dollars?twice a number subtracted from 11 is no less than 27 A number is seven times another number. Their sum is 40. What are the numbers?sum of consecutive integers 3009 the product of 15 and a number is-75