Asked by Keysha Williams
How much money would need to be deposited into an account earning 5.75% interest compounded annually in order for the accumulated value at the end of 25 years to be $85,000?
Answers
Answered by
Reiny
I will assume you are using compound interest.
let the amount invested be x
x(1.0575)^25 = 85000
x = 85000/1.0575^25 = $21,009.20
let the amount invested be x
x(1.0575)^25 = 85000
x = 85000/1.0575^25 = $21,009.20
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.