# How much must be invested now (a one-time investment) to reach $10,000 in 5 years assuming 6% annual interest, compounded monthly? nar6jetaime86 2022-09-14 Answered How much must be invested now (a one-time investment) to reach$10,000 in 5 years assuming 6% annual interest, compounded monthly?
You can still ask an expert for help

• Questions are typically answered in as fast as 30 minutes

Solve your problem for the price of one coffee

• Math expert for every subject
• Pay only if we can solve it

wegpluktee3
Let
fraction is $\frac{x}{y}$
Now,
$\frac{x+3}{y}=\frac{1}{3}\phantom{\rule{0ex}{0ex}}⇒3\left(x+3\right)=y\phantom{\rule{0ex}{0ex}}⇒3x+9=y$
also,
$\frac{x}{y-1}=\frac{1}{5}\phantom{\rule{0ex}{0ex}}⇒5x=3x+8\phantom{\rule{0ex}{0ex}}⇒2x=8\phantom{\rule{0ex}{0ex}}⇒x=\frac{8}{2}\phantom{\rule{0ex}{0ex}}⇒x=4$
So,
$3\left(4\right)+3=y\phantom{\rule{0ex}{0ex}}⇒12+9=y\phantom{\rule{0ex}{0ex}}21=y$