20,000 = P ( 1 + 0.1 )^4
20,000 = P * 1.1^4
20,000 = P * 1.461
P = 20,000 : 1.461 ≈ $13,689.25
Answer: Miranda needs to put now in the bank $13,689.25
Answer:
The number next to a variable is called the Coefficient of the variable.
To find the answer we simply have to find 12% of 58,800. So to do that, we can multiply it by .12
58,800 • .12 = 7,056
So $7,056 is earned per year