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Dafna11 [192]
2 years ago
10

Maria has decided to invest to help with her retirement savings. How much would she have to invest to have $113,400 after 20 yea

rs, assuming an interest rate of 3.57% compounded annually?
Do not round any intermediate computations, and round your final answer to the nearest dollar.

Mathematics
1 answer:
Ipatiy [6.2K]2 years ago
5 0

Answer:

$56,226

Step-by-step explanation:

x = investment

Earning interest of 3.57% is the equivalent of multiplying the initial balance (investment) by 1.0357;

Over 20 years, the new balance can be found by multiplying the initial balance by (1.0357)²⁰;

We can formulate an equation to solve to get the initial investment:

x(1.0357)²⁰ = 113400

(2.01687752)x = 113400

x = ¹¹³⁴⁰⁰/₍₂.₀₁₆...₎

x = 56225.5263 → 56226

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