Asked by Lance

How much cash must be deposited in a savings account In Order To Accumulate 50,000 At End Of 7 Years With 12 % Interest Rate?
Answered by Reiny
Amount = Principal(1+i)^n
50000 = Princ(1.12)^7
principal = 50000/(1.12)^7 = 22617.46
Answered by Lance
Thank you Reiny.
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