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Zarrin [17]
3 years ago
15

Ian and April wish to have 8,000 available for the wedding in six years how much money should be set aside now at 6% compounded

monthly in order to reach their financial goal
Mathematics
1 answer:
ira [324]3 years ago
8 0

Answer:

\$5,586.42  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=6\ years\\ A=\$8,000\\ r=0.06\\n=12  

substitute in the formula above  

8,000=P(1+\frac{0.06}{12})^{12*6}  

8,000=P(1.005)^{72}  

P=8,000/(1.005)^{72}  

P=\$5,586.42  

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