keshaayro8566
22.11.2020 •
Mathematics
Ricky Bobby wants to buy a new automobile for $55,000 in 8 years. How much money must Ricky's original investment be if he makes a single deposit into an account with monthly compounding and an annual interest rate of 3.90% in order to reach his goal? Round your answer to the nearest cent.
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Ответ:
PV= $40,279.36
Step-by-step explanation:
Giving the following information:
Number of periods= 8*12= 96 months
Interest rate= 0.039/12= 0.00325
Future value (PV)= $55,000
To calculate the initial investment, we need to use the following formula:
PV= FV/(1+i)^n
PV= 55,000 / (1.00325^96)
PV= $40,279.36
Ответ:
21.24
Step-by-step explanation: