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Dalvin is going to invest in an account paying an interest rate of 3.1% compounded annually. How much would Dalvin need to invest, to the nearest dollar, for the value of the account to reach $1,620 in
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Dalvin is going to invest in an account paying an interest rate of 3.1% compounded annually. How much would Dalvin need to invest, to the nearest dollar, for the value of the account to reach $1,620 in 20 years?

User Miikka
by
3.7k points

1 Answer

5 votes

Answer:

$880

Explanation:


p( {1.031}^(20) ) = 1620


p = \frac{1620}{ {1.031}^(20) } = 879.71

To the nearest dollar: $880

User Maxschlepzig
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3.2k points
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