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3 years ago

PLEASE I NEED HELP, DUE IN 1hr!!!!

Mathematics

1 answer:

cricket20 [7]3 years ago

6 0

Answer:

$137,339.88

Step-by-step explanation:

Here is the equation for compound interest: A=P(1+(r/n))^nt

where A=amount of money, P=principal, r= rate in decimal, n=number of times compounded per t, and t=time

In this case:

A=$250,000

P= ?

r= 0.04

n= 12 month/yr

t= 15 yrs

You can manipulate the equation to solve for P:

P=A/[(1+(r/n))^nt]

Plug in variables then solve:

P= $\frac{250,000}{(1+\frac{0.04}{12})^{12*15} }$

P=137339.8761 = $137,339.88

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