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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:

Expert avatar
Nash
4.9
87 Answers
FV = PV (1 + r/n)^{nt}

1. Substitute the given values into the formula:

450,000 = PV (1 + 0.102/12)^{12 \cdot 4}

2. Calculate the monthly interest rate:

0.102/12 = 0.0085

3. Calculate the number of compounding periods:

12 \cdot 4 = 48

4. Plug these values into the equation:

450,000 = PV (1 + 0.0085)^{48}

5.

PV\approx299,756.90\text{Pesos}

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