Julien's parents want $64,000 at the end of 3 years. They put their money in an account that yields 10% per year compounded mont
hly. Julien's parents should deposit $______. Round your answer to the nearest dollar.
1 answer:
Answer: 
Step-by-step explanation:
Given
Julien's parents want $64,000 at the end of 3 years
The rate of interest is 10% annually
Suppose they invested P amount initially
So, compound interest, compounded monthly is
![\Rightarrow A=P\left( 1+\frac{r}{n}\right)^{nt}\quad [\text{n=Numner of compounding periods}]\\\\\text{Insert the values}\\\Rightarrow 64,000=P\left( 1+\frac{0.10}{12}\right)^{12\times 3}\\\\\Rightarrow 64,000=P\left( 1+\frac{10}{12}\right)^{36}\\\\\Rightarrow P=\dfrac{64000}{1.3481}\\\\\Rightarrow P=\$\ 47,471.37\approx \$ 47,471](https://tex.z-dn.net/?f=%5CRightarrow%20A%3DP%5Cleft%28%201%2B%5Cfrac%7Br%7D%7Bn%7D%5Cright%29%5E%7Bnt%7D%5Cquad%20%5B%5Ctext%7Bn%3DNumner%20of%20compounding%20periods%7D%5D%5C%5C%5C%5C%5Ctext%7BInsert%20the%20values%7D%5C%5C%5CRightarrow%2064%2C000%3DP%5Cleft%28%201%2B%5Cfrac%7B0.10%7D%7B12%7D%5Cright%29%5E%7B12%5Ctimes%203%7D%5C%5C%5C%5C%5CRightarrow%2064%2C000%3DP%5Cleft%28%201%2B%5Cfrac%7B10%7D%7B12%7D%5Cright%29%5E%7B36%7D%5C%5C%5C%5C%5CRightarrow%20P%3D%5Cdfrac%7B64000%7D%7B1.3481%7D%5C%5C%5C%5C%5CRightarrow%20P%3D%5C%24%5C%2047%2C471.37%5Capprox%20%5C%24%2047%2C471)
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