How much money should be invested now (rounded to the nearest cent), called the initial investment, in a Municipal Bond investment that yields 6% per year, compounded monthly for 10 years, if you wish it to be worth $20,000 after 10 years?

Answers

Answer 1

Answer: The formula for annual compound interest, including principal sum, is:
A = P (1 + r/n)ⁿˣ

A = the future value = $ 20,000
P = the principal investment amount = Not given
r = the annual interest rate (decimal) = 0.06
n = the number of times that interest is compounded per year = 12
x = the number of years = 10

$ 20,000 = P (1 + 0.06/12)¹²⁰
$ 20,000 = P (1 +0.005 )¹²⁰
$ 20,000 = P (1.005 )¹²⁰
$ 20,000 = 1.81·P
P = $ 20,000÷1.81
P = $ 11,049.72

Related Questions

What is 1 plus 1 minus 96
the low temperature in colton for 5 days were -8 -13 -4 -9 and -16 what was the average low temperature for those 5 days
Help Meh PleAse: Fill in the blanks Which functions have a positive rate of change and which have a negative rate of change?Column A Column B1.____ 2x + 3y = −9 A.Positive B.Negative 2._______ y = 3x − 63.______x y−1 90 71 54.______x y2 −83 −74 −6
OMG HELP ME PLEASE A card was selected at random from a standard deck of cards. The suit of the card was recorded, and then the card was put back in the deck. The table shows the results after 40 trials.What is the relative frequency of selecting a club?Outcome Club Diamond Heart SpadeNumber of trials 8 12 11 9A.17%B.20%C.25%D.30%
Find the area of the triangle

How much money does the person earn every hour.

Answers

It depends what job a person has

-8-x=x - 4x
Plis help me!!

Answers

Answer:

x = 4

Step-by-step explanation:

Given

- 8 - x = x - 4x, that is

- 8 - x = - 3x ( add 3x to both sides )

- 8 + 2x = 0 ( add 8 to both sides )

2x = 8 ( divide both sides by 2 )

x = 4

Answer:x=4

Step-by-step explanation:

-8-x=x-4x

-8=-4x+x+x

-8=-2x

divide both sides by -2

x=4

hope it helped

The perimeter of a rectangle is 46cm. The length is 13 cm. What is the width?

Answers

1.) 2 sides are already gonna be 13 so you already have 26 is you add up both those sides. 13+13=26
2.)Subtract 26 from 46 to get the sum of both the widths added together.
46-26=20
3.)Divide 20 by 2 so that you can get the width on one side of the rectangle. 20 / 2 = 10
4.) The width of the rectangle above is 10
I hope this helps :)

46 - 13 - 13

46 - 13 = 33

33 - 13 = 20

20 divided by 2 sides = 10

10cm will be our answer

, draw and label examples of all rectangular prisms built with 16 unit cubes

Answers

Volume is the amount of space inside a 3-dimensional figure. It is measured in cubic units. A cubic centimeter is a cube that is 1 cm wide, 1 cm long, and 1 cm high. Another way to think of volume is to find the number of unit cubes necessary for building the figure. There is a video about it's called volume of rectangle prism.

How do I find the answers to this equation y=2/3(-1)+6