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?
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Answers (1)

wegpluktee3
Answered 2022-09-15 Author has 12 answers
Let
fraction is x y
Now,
x + 3 y = 1 3 3 ( x + 3 ) = y 3 x + 9 = y
also,
x y 1 = 1 5 5 x = 3 x + 8 2 x = 8 x = 8 2 x = 4
So,
3 ( 4 ) + 3 = y 12 + 9 = y 21 = y
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