timedoung timedoung

07-10-2020
Mathematics

contestada

Cindy plans to invest for 10 years at 1.5%, compounded annually. If she hopes to have $10,000 after 10 years, how much
will she need to invest initially?

Respuesta :

gracefulalyssa gracefulalyssa

08-10-2020

Answer:

Use the formula for calculating compound interest PN=P0(1+rk)Nk where P0 is the unknown, PN=10,000, N=10, k=1, and r=0.015. Substitute the values into the formula and simplify.

10000=P(1+0.0151)1⋅10

10000=P(1.015)10

10000=P(1.16054...)

8616.67=P

Therefore, rounded to the nearest dollar, the initial investment needs to be $8617 to have $10,000 in 10 years.

Step-by-step explanation:

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