Question
Calculate the initial amount that Ms. Hortensia must deposit in a bank account, if at the end of the 4-year term she wants to receive $450,000 Pesos, if the savings give her a rate of return of 10.20% with monthly capitalization:
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Answer to a math question Calculate the initial amount that Ms. Hortensia must deposit in a bank account, if at the end of the 4-year term she wants to receive $450,000 Pesos, if the savings give her a rate of return of 10.20% with monthly capitalization:
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4.987 Answers
1. Substitute the given values into the formula:
2. Calculate the monthly interest rate:
3. Calculate the number of compounding periods:
4. Plug these values into the equation:
5.
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