How much must be invested now (a one-time investment) to reach $10,000 in 5 years assuming 6% annual interest, compounded monthly?

nar6jetaime86

nar6jetaime86

Answered question

2022-09-14

How much must be invested now (a one-time investment) to reach $10,000 in 5 years assuming 6% annual interest, compounded monthly?

Answer & Explanation

wegpluktee3

wegpluktee3

Beginner2022-09-15Added 12 answers

Let
fraction is x y
Now,
x + 3 y = 1 3 3 ( x + 3 ) = y 3 x + 9 = y
also,
x y 1 = 1 5 5 x = 3 x + 8 2 x = 8 x = 8 2 x = 4
So,
3 ( 4 ) + 3 = y 12 + 9 = y 21 = y

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