alexandriaps63 alexandriaps63

20-04-2017
Mathematics

contestada

How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 9 years?

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Aliwohaish12 Aliwohaish12

20-04-2017

20000=p(1+0.05/12)^12*9
Solve for p
P=20,000÷(1+0.05÷12)^(12×9)
P=12,764.49

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Аноним Аноним

20-04-2017

$12,764.49 because 9 yrs = 108 months
5% annual = (5/12)% per month = 5/1200
FV = PV*(1 + 5/1200)^108 = 20000
PV = 20000/(1 + 5/1200)^108
PV = $12,764.49

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