What would you have to invest today at 5% interest compounded monthly if you wish to have $20,000 in 10 years?

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asked Oct 15, 2018 221k views

1 Answer

Fabio Mendes Soares · Answer 1 · 2018-10-21T10:47:32+0000

Simple intrest:-
Intrest(20000)=(Investment(Unknown so lets say Y)xPercent(5%)xtime(10))/100
=
20000=(Yx5%x10)/100 =
5/100x10=
0.5Y/100x100=20000x100/0.5 Y=4000000

What would you have to invest today at 5% interest compounded monthly if you wish to have $20,000 in 10 years?

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