Question
Patrick invests a sum of money for 2.5 years at 12% p.a. compounded monthly. If he earns $11305 after 2.5 years, how much is his investment?
Answers
Reiny
let the investment be P
P(1.01)^30 = 11305
P = 11305/1.01^30 = 8387.44
P(1.01)^30 = 11305
P = 11305/1.01^30 = 8387.44
Anonymous
50000
Anonymous
32500