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Alex wants to have $2,500 in his bank account after 2 years. If the account earns 5% interest compunded 2 times per year, how much should he put in?
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Mar 17, 2017
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Alex wants to have $2,500 in his bank account after 2 years. If the account earns 5% interest compunded 2 times per year, how much should he put in?
Mathematics
high-school
Inigo Selwood
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A=futurer amount
P=present amount
r=rate in decimal
n=number of times compounded per year
t=time in years
A=2500
r=0.05
n=2
t=2
divide both sides by [tex} 1.025^{4} [/tex]
2264.88=P
he should invest
$2264.88
Luke Schafer
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Mar 22, 2017
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Luke Schafer
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