Respuesta :
Answer:
To accomplish this goal, how much should adam invest now $12800.7525 in a CD that pays 1.24% interest compounded monthly.
Step-by-step explanation:
Amount = 16000
Time = 18 years
Interest = 1.24% interest compounded monthly
So, Formula : [tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Formula : [tex]16000=P(1+\frac{1.24}{100 \times 12})^{12 \times 18}[/tex]
[tex]16000=P(1.24992651224)[/tex]
[tex]\frac{16000}{1.24992651224}=P[/tex]
[tex]12800.7525=P[/tex]
Hence To accomplish this goal, how much should adam invest now $12800.7525 in a CD that pays 1.24% interest compounded monthly.
