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In order to have 1 million dollars in 40 years with an annual interest rate of 11.6%, I will have to invest $_ (round to the nearest 1000) a 12,000 b 13,000 c 14,000 d 15,000 A.…
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In order to have 1 million dollars in 40 years with an annual interest rate of 11.6%, I will have to invest $_ (round to the nearest 1000) a 12,000 b 13,000 c 14,000 d 15,000 A.…
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Jul 1, 2019
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In order to have 1 million dollars in 40 years with an annual interest rate of 11.6%, I will have to invest $_ (round to the nearest 1000) a 12,000 b 13,000 c 14,000 d 15,000
A.) 12,000
B.) 13,000
C.) 14,000
D.) 15,000
Mathematics
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Idursun
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To solve the problem we use the compound formula given by:
A=p(1+r/100)^n
where:
A=future amount:
p=principle
r=rate
A=1000000, r=11.6%, n=40
plugging the value in the formula we get:
1000000=p(1+11.6/100)^40
solving for p we get:
1000000=80.6432p
p=12400.300
rounding to the nearest 1000 we get
p=$12000
Answer:
A.) 12,000
Denis Gorodetskiy
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Jul 5, 2019
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Denis Gorodetskiy
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