a theory or system of social organization in which all property is owned by the community and each person contributes and receives according to their ability and needs.

6 0

3 years ago

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Ian and April wish to have 8,000 available for the wedding in six years how much money should be set aside now at 6% compounded

ira [324]

Answer:

$\$5,586.42$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=6\ years\\ A=\$8,000\\ r=0.06\\n=12$

substitute in the formula above

$8,000=P(1+\frac{0.06}{12})^{12*6}$

$8,000=P(1.005)^{72}$

$P=8,000/(1.005)^{72}$

$P=\$5,586.42$

8 0

3 years ago