erynnkh erynnkh

13-02-2021
Mathematics

contestada

Madeline is going to invest in an account paying an interest rate of 4.4% compounded
annually. How much would Madeline need to invest, to the nearest ten dollars, for
the value of the account to reach $16,600 in 12 years?

Respuesta :

clarch19 clarch19

13-02-2021

Answer:

$9540

Step-by-step explanation:

A = P(1 + r)^t

16600 = P(1.044)^12

P = 16600/(1.044)^12

P = $9,543.64

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