Please, I need help on this problem

Mathematics

1 answer:

MrMuchimi3 years ago

5 0

Anyone sees the problem? I can’t see it.

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You want to have $25,000 for a down payment on a house 6 years from now. if you can earn 6.5 percent, compounded annually, on yo

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Use compound interest formula:
Future value, F
25000=P(1+i)^n
where
P=present value to be found
i=annual interest rate = 0.065
n=number of years = 6
so
25000=P(1.065)^6
=>
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