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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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Present Value How much should be deposited in an account paying 8% interest compounded monthly in order to have a balance of $20,000 after 5 years?

To determine

To calculate: The amount that must be deposited in an account in order to get $20,000 after 5 years if 8% interest is compounded monthly.

Explanation

Given Information:

The amount in the account after 5 years at the interest rate of 8% is $20,000 and interest is compounded monthly.

Formula used:

The formula to compute the deposited amount is,

P=A(1+rn)nt

Where, P is the deposited amount, A is the amount after t years, r is the interest rate and n is the number of times compounded per year.

Calculation:

Consider that the amount in the account after 5 years at the interest rate of 8% is $20,000 and interest is compounded monthly.

Here, A=$20,000, r=8% and t=5 years.

The number of times compounded per year is 12 as the interest is compounded monthly, that is, n=12.

Simplify the rate as,

r=8%=8100=0.08

Substitute 12 for number of times compounded per year, 0

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