Kaya rented a limousine. There was a one-time charge of $100 dollars, plus an hourly rate of $45. Her total cost for the night w
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Answer:
The principal investment required to get a total amount of $ 1,000,000.00 from compound interest at a rate of 6% per year compounded 12 times per year over 45 years is $ 67,659.17.
Step-by-step explanation:
Given
- Accrued Amount A = $1000000
- Interest rate r = 6% = 0.06
- Time period t = 45 years
- Compounded monthly n = 12
To determine:
- Principle amount P = ?
Using the formula
substituting A = 1000000, r = 0.06, t = 45, and n = 12
$
Therefore, the principal investment required to get a total amount of $ 1,000,000.00 from compound interest at a rate of 6% per year compounded 12 times per year over 45 years is $ 67,659.17.
Basically, we need to plug in the given values for the variables 
and 
into the given expression 
. First off, we can plug in all the given values into the expression, giving us 
. Now, perform the operations on the inside of the parentheses. Doing this, we get 
. Now, we use the distributive property to simplify. This gives us 
. Finally, when we add the two numbers, we get 
. Hope this helped!