Sean wants to have an investment worth $15,000 in ten years. How much money should he invest today if the annual interest rate o
f the account is 5.0% and it is compounded monthly?
1 answer:
Answer:
#30,000
Step-by-step explanation:
Intrest=15,000
Time=10yrs
Percent=5.0%
Rate=?
R=I*100/PT
R=15,000*100/5.0*10
R= 1500000/50
R=30,000
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