Question

Matthew is going to invest in an account paying an interest rate of 5.5% compounded monthly. How much would Matthew need to invest, to the nearest ten dollars, for the value of the account to reach $221,000 in 17 years?

Answer 1

P=86950

Explanation:

A=P(1+r/n​)^nt

Compound interest formula

A=221000

t=17

r=0.055

n=12