Question
Lakshay needs $90,000 in 8 years. How much should Lakshay invest today if he invested into an account that yields 2.9% interest compounded monthly? O $71,385.13 O $113469.01 O $88 278.77 O $81,209.10
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Answer to a math question Lakshay needs $90,000 in 8 years. How much should Lakshay invest today if he invested into an account that yields 2.9% interest compounded monthly? O $71,385.13 O $113469.01 O $88 278.77 O $81,209.10
Santino
4.5102 Answers
Use the formula for present value with compound interest:
P = \frac{A}{(1 + \frac{r}{n})^{nt}}
Where:
A = 90000
r = 0.029
n = 12
t = 8
Plug in the values:
P = \frac{90000}{(1 + \frac{0.029}{12})^{12 \times 8}}
Calculate the result:
P = \frac{90000}{(1 + 0.00241667)^{96}}
P = \frac{90000}{(1.00241667)^{96}}
P = \frac{90000}{1.266317996}
P \approx 71,385.13
Answer: $71,385.13
Where:
Plug in the values:
Calculate the result:
Answer: $71,385.13
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