Question

What lump sum must be invested at 7%,compounded monthly,for the investment to grow to $52,000 in 11 years The lump sum$ invested at 7%,compounded monthly,grows to $52.000 in 11years (Do not round until the final answer.Then round to the nearest cent as needed.)

Name: what lump sum must be invested at 7compounded monthlyfor the investment to grow to 52000 in 11 years the lump sum invested at 7compounded monthlygrows to 52000 in 11years do not round until 11145
Uploaded: 2022-04-25T15:12:46-08:00
Duration: 53 s
Channel: Victor Salazar
Description: what lump sum must be invested at 7compounded monthlyfor the investment to grow to 52000 in 11 years the lump sum invested at 7compounded monthlygrows to 52000 in 11years do not round until 11145

          What lump sum must be invested at 7%,compounded monthly,for the investment to grow to $52,000 in 11 years
The lump sum$ invested at 7%,compounded monthly,grows to $52.000 in 11years (Do not round until the final answer.Then round to the nearest cent as needed.)

what lump sum must be invested at 7compounded monthlyfor the investment to grow to 52000 in 11 years the lump sum invested at 7compounded monthlygrows to 52000 in 11years do not round until 11145

Added by Kimberly L.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Victor Salazar

04/25/2022

Step 1

The formula is: A = P(1 + r/n)^(nt) Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (initial investment). r = the annual interest rate (in decimal). n = the number of times that interest is compounded per Show more…

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What lump sum must be invested at 7%,compounded monthly,for the investment to grow to $52,000 in 11 years The lump sum$ invested at 7%,compounded monthly,grows to $52.000 in 11years (Do not round until the final answer.Then round to the nearest cent as needed.)