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Popolare Word Problems >

Find the principal needed now to get the given amount; that is, find the present value.To get 500 after 2 years at 11% compounded monthly

Soluzione

F in d t h e p r in c i p a l n ee d e d n o w t o g e t t h e g i v e n ​ am o u n t; t ha t ​ i s, f in d t h e p rese n t v a l u e . T o g e t 500 a f t er 2 ye a rs a t 11​% co m p o u n d e d m o n t h l y

Soluzione

Principal : 401.66

Fasi della soluzione

Translate the problem into an equation:

500 = P (1 + \frac{0.11}{12})^{12 \cdot 2}

Risolvi per

P, 500 = P (1 + \frac{0.11}{12})^{12 \cdot 2} : P = 401.66

Principal : 401.66

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