amourjenny
amourjenny amourjenny
  • 23-04-2019
  • Mathematics
contestada

What lump sum must be invested at 9%, compounded monthly, for the investment to grow to $72,000 in 6 years?

Respuesta :

adnhw
adnhw adnhw
  • 23-04-2019

Answer: $42042.50

Step-by-step explanation:

We need to use algebra and equations.

A = P x (1 + (R/n)/100)^nt

our amount (A) is $72K

the number of times we compound the money (n) is 12 (12 months in a year, 'compounded monthly')

our rate (R) is 9 (9%)

our time (t) is 6 (6 years)

we need to find our principal/initial amount (p)

72000 = p x (1 + 0.0075)^12x6

p = $42042.50

Answer Link

Otras preguntas

How is carbon returned to the atmosphere and where does this process occur?
How many mL are in 1.000 cup?
Explain how and why European and Native American perspectives of others developed and changed in the period.
A period in 24-point font (.) is about 1mm in diameter. SARS-CoV-2 has a diameter of 80 nm. The prefix “milli” means 1000, which tells you there are 1000 millim
What is the slope? Loooook atttt the chartttt ✨
Marcie solved the following inequality, and her work is shown below: −2(x − 5) ≤ 6x + 18 −2x + 10 ≤ 6x + 18 −8x +10 ≤ 18 −8x ≤ 8 x ≤ −
2. How would you argue against Aristotle’s defense of Natural slavery? Did he make false assumptions? Were his arguments illogical? Can you argue against his vi
What are the two square roots of 1/16?
Customer Service. Is an organization's ability to _______ customers
PLS SOLVE THIS , IM UNABLE TO GET IT