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,

asked Apr 18, 2021 186k views

2 votes

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6 votes

Answer:

P=86950

Explanation:

A=P(1+r/n)^nt

Compound interest formula

A=221000

t=17

r=0.055

n=12

Orepor answered Apr 25, 2021

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