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How much would you have to deposit today to have an accumulated amount of $20,000 in 20 years if yearly interest is 4.75% compounded continuously?
168k views
2 votes
How much would you

have to
deposit today to have an
accumulated amount of
$20,000 in 20 years
if yearly
interest is 4.75% compounded
continuously?

User Ouri
by
5.2k points

1 Answer

3 votes
20000 ÷(1+4,75%)^20
=20000 ÷ 1,0475^20
=7905,86
You have to deposit $790586 today.
User DewinDell
by
5.4k points
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