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2 years ago

12

grandpa joe wants to open an account for his grandchildren that he hopes will have $80,000 in it after 20 years. how much must h

e deposit now into an account that yields 2.75% interest, compounded monthly, so he can be assured of reaching his goal?

1 answer:

kirill [66]2 years ago

3 0

Answer:

$46185.04

Step-by-step explanation:

80000 = X(1 + 0.0275/12)^(20×12)

X = 46185.03749

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