How do I solve this. I have a test tomorrow and I don't know how to solve this
1 answer:
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Given:
Future Value = $15,000
time (t) = 11 years
rate (r) = 4.4% or 0.044
number of conversions per year (m) = 365
Find: Initial amount or the Principal
Solution:
Formula for Compound Interest is:
From that, we can derive the formula for the Principal or the initial amount.
Let's plug in the given data above to the formula of the principal value.
Then, solve for P.
Answer: You must invest $9, 244.97 to the account in order to get $15,000 after 11 years.
Answer:
<u>Step-by-step explanation:</u>
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