How much 2

How much money would you need to deposit today at 5% annual interest compounded monthly to have $2000 in the account after 9 years?

Correct answer:

a =  1276.4491 USD

Step-by-step explanation:

p=5%=5100=0.05 b=2000 n=9 12=108 m  i=1+p/12=1+0.05/12=2412401.0042  a in=b=2000  k=in=1.00421081.5668  a=bk=20001.5668=1276.4491 USD



We will be pleased if You send us any improvements to this math problem. Thank you!






avatar




Tips to related online calculators
Do you want to convert time units like minutes to seconds?

You need to know the following knowledge to solve this word math problem:

Related math problems and questions:

  • If you 2
    exp_growth If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until there is $10000 in the account?
  • If you 3
    bank2 If you deposit $4500 at 5% annual interest compound quarterly, how much money will be in the account after 10 years?
  • Compound Interest
    exp_growth2 If you deposit $6000 in an account paying 6.5% annual interest compounded quarterly, how long until there is $12600 in the account?
  • If you 4
    exp_growth If you deposit $2500 in an account paying 11% annual interest compounded quarterly, how long until there is the $4500 in the account?
  • Semiannually compound interest
    bank2 If you deposit $5000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account?
  • Two years
    exp_growth2 Roy deposited 50,000.00 into his account paying 4% annual interest compounded semi annually. How much is the interest after 2 years?
  • Saving 9
    penize An amount of $ 2000 is invested at an interest of 5% per month. If $ 200 is added at the beginning of each successive month but no withdrawals. Give an expression for the value accumulated after n months. After how many months will the amount has accumula
  • Compound interest 4
    exp_growth2 3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent?
  • Future value
    penize Suppose you invested $1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?
  • Savings
    penize Suppose on your 21st birthday you begin making monthly payments of $500 into an account that pays 8% compounded monthly. If you continue the payments untill your 51st birthday (30 years), How much money will be in your account? How much of it is interest?
  • Future value investment
    exp_growth Poseidon deposited 2,747 golden drachmas in a Mount Olympus college savings account to ensure Percy can go to college. It pays 0.04 (percent in decimal form) annual interest. After 11 years, he withdraws the money. How much more money would he have if the
  • You take
    exp_growth You take out Php 20 000 loan at 5% interest rate. If the interest is compounded annually, a. Give an exponential model for the situation b. How much Will you owe after 10 years?
  • Deposit
    ping_bank If you deposit 719 euros at the beginning of each year, how much money we have at 1.3% (compound) interest after 9 years?
  • Bank
    money Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.
  • Compound interest 3
    exp_growth2 After 8 years, what is the total amount of a compound interest investment of $25,000 at 3% interest, compounded quarterly? (interest is now dream - in the year 2019)
  • Present value
    exp_growth A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a 15 year period. How much should the monthly payment be in order to pay off the debt in 15 years?
  • Five years
    exp_growth2 Nakato Nobuki, a Japanese artist, wants to have $24,000.00 in his savings account at the end of five years. Mr. Nobuki deposits $1,500.00 annually into savings and has a balance of $8,000.00 today. What must the interest rate on the savings account be for