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Find the principal needed to get $1600 in 9 years at 6% compounded monthly. Principal = $ ____

Find the principal needed to get $1600 in 9 years at 6% compounded monthly. Principal = $ ____
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Find the principal needed to get $1600 in 9 years at 6% compounded monthly.
Principal = $ ____

User Ken Syme
by
8.3k points

1 Answer

1 vote

Answer:

P((1 + .06/12)^108) = $1,600

P = $933.65

User RKataria
by
8.8k points
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