Question
Compound interest is given by the formula A=P(1+r)t Where A is the balance of the account after t years, and P is the starting principal
Compound interest is given by the formula A=P(1+r)t Where A is the balance of the account after t years, and P is the starting principal invested at an annual percentage rate of r, expressed as a decimal.
Joshua is investing money into a savings account that pays 4% interest compounded annually, and plans to leave it there for 15 years. Determine what Joshua needs to deposit now in order to have a balance of $30,000 in his savings account after 15 years.
Joshua will have to invest $? now in order to have a balance of $30,000 in his savings account after 15 years. Round your answer UP to the nearest dollar.
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Organic Chemistry
Authors: Joseph M. Hornback
2nd Edition
9781133384847, 9780199270293, 534389511, 1133384846, 978-0534389512
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