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Beliebt Word Problems >

Jamar is going to invest in an account paying an interest rate of 4.7% compounded quarterly. How much would Jamar need to invest, to the nearest ten dollars, for the value of the account to reach 18,000 in 7 years?

Lösung

J ama r i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 4.7% co m p o u n d e d q u a r t er l y . Ho w m u c h w o u l d J ama r n ee d t o in v es t, t o t h e n e a res t t e n d o ll a rs, f or t h e v a l u e o f t h e a cco u n t t o re a c h 18, 000 in 7 ye a rs ?

Lösung

Principal : 12978.44

Schritte zur Lösung

Translate the problem into an equation:

18000 = P (1 + \frac{0.047}{4})^{4 \cdot 7}

Löse nach

P, 18000 = P (1 + \frac{0.047}{4})^{4 \cdot 7} : P = 12978.44

Principal : 12978.44

Beliebte Beispiele

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