Respuesta :
Answer:
You have to invest $5,020.71 to have $6,000 in 4 years 3 months at 4 1\5% annual interest, compounded monthly.
Step-by-step explanation:
Let the principal be x
Amount = $6000
Time = 4 years 3 months = [tex]4 years +\frac{3}{12} years = 4.25 years[/tex]
Rate of interest = [tex]4 \frac{1}{5}\% = \frac{21}{5}\%[/tex]
No. of compounds per year = 12
Formula:[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
[tex]6000=P(1+\frac{21}{500 \times 12})^{12 \times 4.25}[/tex]
[tex]\frac{6000}{(1+\frac{21}{500 \times 12})^{12 \times 4.25}}[/tex]=P
P=$5,020.71
Hence You have to invest $5,020.71 to have $6,000 in 4 years 3 months at 4 1\5% annual interest, compounded monthly.
