Determine the principal P that must be invested at rate r = 3 1 2%, compounded monthly, so that $700,000 will be available for retirement in t = 13 years. (Round your answer to the nearest cent.) P = $
Determine the principal P that must be invested at rate r = 3 1 2%, compounded monthly, so that $700,000 will be available for retirement in t = 13 years. (Round your answer to the nearest cent.) P = $
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
Related questions
Question
Determine the principal P that must be invested at rate
r = 3
%,
1 |
2 |
compounded monthly, so that $700,000 will be available for retirement in
t = 13
years. (Round your answer to the nearest cent.)
P = $
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