A tenant still has five months remaining on a one-year apartment lease. When the tenant moves to another city, the tenant transf
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<u>Answer:</u> The investment that should be made is $14612.2
<u>Explanation:</u>
To calculate the principle amount, for the interest compounded monthly follows:
A = Amount after time period 'T' = $25,000
P = Principal amount = ?
R = rate of interest = 2.15 % = 0.0215
n = Number of times interest applied per time period = 12 ( 1 year = 12 months)
T = time period = 25 years
Putting values in above equation, we get:
Hence, the investment that should be made is $14612.2