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Kenneth needs $5,000 for university in 5 years. His parents plan to invest some money in an account paying interest at a rate of 7.2% per annum, compounded monthly. How much sho…

Kenneth needs $5,000 for university in 5 years. His parents plan to invest some money in an account paying interest at a rate of 7.2% per annum, compounded monthly. How much sho…
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5 votes
Kenneth needs $5,000 for university in 5 years. His parents plan to invest some money in an account paying interest at a rate of 7.2% per annum, compounded monthly. How much should they invest now to have $5,000 in 5 years.

User Nghauran
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1 Answer

5 votes
A lot of money because then they get even more back
User XMilos
by
7.2k points
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