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3 years ago

7

Matthew is going to invest in an account paying an interest rate of 5.5% compounded monthly. How much would Matthew need to inve

st, to the nearest ten dollars, for the value of the account to reach $221,000 in 17 years?

1 answer:

atroni [7]3 years ago

6 0

Answer:

P=86950

Step-by-step explanation:

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

Compound interest formula

A=221000

t=17

r=0.055

n=12

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