Madeline is going to invest in an account paying an interest rate of 4.4% compounded annually. How much would Madeline need to invest,

Question

Madeline is going to invest in an account paying an interest rate of 4.4% compounded
annually. How much would Madeline need to invest, to the nearest ten dollars, for
the value of the account to reach $16,600 in 12 years?

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Thiên Ân 3 years 2021-09-04T17:11:49+00:00 1 Answers 114 views 0

Answers ( )

  1. Farah
    0
    2021-09-04T17:13:31+00:00
    Reply

    Answer:

    $9540

    Step-by-step explanation:

    A = P(1 + r)^t

    16600 = P(1.044)^12

    P = 16600/(1.044)^12

    P = $9,543.64

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