What do you think of social media? How does it affect our daily lives?
1 answer:
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Answer:
The principal which should be invested in account is $125,698.324
Step-by-step explanation:
Given as :
The monthly payment amount = $2500
The time period = 6 years = 6 × 12 = 72 months
So, The payment for 72 months = $2500 × 72 = $180,000
The rate of interest compounded monthly = 6%
The investment amount in account = P
Now,<u> From compounded method </u>
Amount = Principal ×
$180,000 = P ×
Or, $180,000 = P ×
Or, $180,000 = P × 1.432
∴ P = = $125,698.324
Hence The principal which should be invested in account is $125,698.324 . Answer