Find principle amount that will grow to $25,000 if interest is 3.2% compounded monthly for 3 years?

Mathematics

2 answers:

matrenka [14]3 years ago

8 0

Answer:

$260,416

Step-by-step explanation:

$25,000/(0.032*3)= $260,416

Elis [28]3 years ago

6 0

Answer:

$22745 for the initial principal

Step-by-step explanation:

For compound interest for 3 years

P (principal) x (1 + r (interest rate))³ = 25000

P = 25000 / (1 + 0.032)³ = 22745

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