Answer:
$10576.38
Explanation:
To calculate the investment amount required to produce $23711 at an interest rate of 3.6% compounded monthly for 15 years, you can use the formula for compound interest:
A = P * (1 + r/n)^(nt)
where:
A is the amount of money you have after "t" years,
P is the initial investment amount (what you want to find),
r is the interest rate as a decimal,
n is the number of times the interest is compounded per year,
t is the number of years the investment will be compounded for.
In this case,
r = 0.036
n = 12 (because the interest is compounded monthly)
t = 15
So, we can plug in the values into the formula and solve for P:
A = P * (1 + 0.036/12)^(12 * 15)
$23711 = P * (1.003)^(180)
$23711 = P * 2.2375
Dividing both sides by 2.2375:
P = $23711 / 2.2375
P = $10576.38
So, to produce $23711 at an interest rate of 3.6% compounded monthly for 15 years, you would need to invest $10576.38. Rounded to the nearest dollar, this amount is $10576.