Answer:
A = $32,652.44
Step-by-step explanation:
Given: Principal (P) = 30,760.08, Annual Rate (R) = 12%, Time (t in years) = 0.5
To find: How much David needs to invest monthly
Formula:
Solution: To find, simply add principal + interest
First, convert R as a percent to r as a decimal
r = R/100
r = 12/100
r = 0.12 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 30,760.08(1 + 0.12/12)(12)(0.5)
A = 30,760.08(1 + 0.01)(6)
A = $32,652.44
Therefore;
The total amount David will obtain with 30,760.08 for 6 months, 12%is $32,652.44.
