Ash111112 Ash111112

15-04-2016
Mathematics

Answered

kate wants to have 25,000 in 16 years. How much does she need to invest if the interest rate is 6 percent per year?

Verified Answer :

Cupcake164 Cupcake164

15-04-2016

Well, to start to solve this problem, you can use the following formula.
P.V. = FV / ( 1+i )^t

Plug in your numbers and you would have

P.V. = $25,000 / (1+0.06 )^16
Then solve.

P.V. = $9,841.16

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