22kansp 22kansp

22-12-2020
Mathematics

contestada

College Fund at 3%
Suppose you put money in an investment with an interest rate of APR = 3%,
compounded annually, and leave it there for the next 18 years. How much would
you have to deposit now to realize $100,000 after 18 years?

Respuesta :

ChoiSungHyun ChoiSungHyun

22-12-2020

Step-by-step explanation:

$100,000 = P(1 + 0.03)¹⁸, P = $58,739.46

Answer Link

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