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Morgarella [4.7K]
3 years ago
5

How much money should be deposited today in an account that earns 9.5% compound education monthly so that it will accumulate to

$10,000 in one and half year?
Mathematics
1 answer:
qwelly [4]3 years ago
5 0
\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{compounded amount}\to &\$10000\\
P=\textit{original amount deposited}\\
r=rate\to 9.5\%\to \frac{9.5}{100}\to &0.095\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{monthly, thus}
\end{array}\to &12\\

t=years\to &\frac{3}{2}
\end{cases}

notice, the years are one and a half, or 3/2

solve for P, to see what the Principal should be
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3 years ago
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bija089 [108]

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