Asked by PHYLLIS
How much should be invested today at 6.15% compounded monthly to have $12,000 in 7 years?
Answers
Answered by
bobpursley
12,000=P(1+.0615/12)^(7*12)
take ln of each side...
ln(12000)=lnP + 7*12*Ln(1+.0615/12)
lnP=ln(12000)-7*12*ln(1+.0615/12)
pasting this into the google search window:
ln(12000)-7*12*ln(1+.0615/12)=
8.963
so P= e^8.963=7808
take ln of each side...
ln(12000)=lnP + 7*12*Ln(1+.0615/12)
lnP=ln(12000)-7*12*ln(1+.0615/12)
pasting this into the google search window:
ln(12000)-7*12*ln(1+.0615/12)=
8.963
so P= e^8.963=7808
Answered by
bobpursley
stop posting your homework under multiple names....
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