Asked by Sophia
At the birth of a baby, a couple decides to make an initial investment of C at the rate of 7% compounded annually so that the amount will grow to $30,000 by her 10th birthday. What should their initial investment be? Round to the nearest dollars.
Answers
Answered by
henry2,
P = Po(1+r)^t = $30,000
Po(1+0.07)^10 = 30,000
Po = $15,251.
Po(1+0.07)^10 = 30,000
Po = $15,251.
Answered by
R_scott
C * (1 + .07)^10 = 30000
Answered by
Angela Hopper
The correct answer is 15,250.
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