riaj1aShayras riaj1aShayras

15-08-2016
Mathematics

Answered

Miranda wants to give her 14-year-old daughter $20,000 when she turns 18. How much does she need to put in the bank now if the interest rate is 10 percent per year?

Verified Answer :

HomertheGenius HomertheGenius

18-08-2016

20,000 = P ( 1 + 0.1 )^4
20,000 = P 1.1^4
20,000 = P 1.461
P = 20,000 : 1.461 ≈ $13,689.25
Answer: Miranda needs to put now in the bank $13,689.25

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