Question

If you want $20,000 ten years from now, how much would you have to invest now at 15% interest compounded monthly?

Name: If you want 20,000 ten years from now, how much would you have to invest now at 15% interest compounded monthly?
Uploaded: 2023-08-07T23:37:56-08:00
Duration: 1 min 18 s
Channel: Kathleen Carty
Description: If you want 20,000 ten years from now, how much would you have to invest now at 15% interest compounded monthly?

          If you want $20,000 ten years from now, how much would you have to invest now at 15% interest compounded monthly?

Added by Peggy T.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Kathleen Carty

08/07/2023

Step 1

Step 1: Use the compound interest formula: A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount (the initial amount of money), r is the annual interest rate (decimal), n is the number of times Show more…

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