Question

Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $70,000 after 10 years invested in an account with 2.4% interest compounded monthly. The amount to be invested now, or the present value needed, is $ (Round to the nearest cent as needed.)

Name: use the present value formula to determine the amount to be invested now or the present value needed the desired accumulated amount is 70000 after 10 years invested in an account with 24 int 98285
Uploaded: 2022-06-16T21:27:41-08:00
Duration: 1 min 27 s
Channel: Syed Mustafa
Description: use the present value formula to determine the amount to be invested now or the present value needed the desired accumulated amount is 70000 after 10 years invested in an account with 24 int 98285

          Use the present value formula to determine the amount to be invested now, or the present value needed.
The desired accumulated amount is $70,000 after 10 years invested in an account with 2.4% interest compounded monthly.
The amount to be invested now, or the present value needed, is $
(Round to the nearest cent as needed.)

use the present value formula to determine the amount to be invested now or the present value needed the desired accumulated amount is 70000 after 10 years invested in an account with 24 int 98285

Added by Benjamin S.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Syed Mustafa

06/16/2022

Step 1

Step 1: The present value formula is given by: $$PV = \frac{FV}{(1 + \frac{r}{n})^{nt}}$$ where: $PV$ = Present Value $FV$ = Future Value $r$ = annual interest rate (as a decimal) $n$ = number of times interest is compounded per year $t$ = number of years Show more…

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Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $70,000 after 10 years invested in an account with 2.4% interest compounded monthly. The amount to be invested now, or the present value needed, is $ (Round to the nearest cent as needed.)