Quick PLEASE! Fred wants to have $25 000 saved in ten years to help pay for a down payment on a house. How much would he have to invest today to have enough money in ten years if the investment offers an interest rate of 6.0% compounded monthly. Make sure to show all your work.

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15-07-2022
Mathematics

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Quick PLEASE! Fred wants to have $25 000 saved in ten years to help pay for a down payment on a house. How much would he have to invest today to have enough money in ten years if the investment offers an interest rate of 6.0% compounded monthly. Make sure to show all your work.

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abidemiokin abidemiokin · Answer 1 · 2022-07-18T19:37:49+02:00

The amount he would invest today to have enough money in ten years if the investment offers an interest rate of 6.0% compounded monthly is $13740.79

Compound interest

The formula for calculating the compound interest is given as:

A = P(1+r/n)^nt

Given the following parameters

25000 = P(1+0.06/12)^12(10)

25000 = P(1+0.005)^120

25000 = P (1.005)^120

25000 = 1.8194P

P = 25000/1.8194

P = $13740.79

Hence the amount he would invest today to have enough money in ten years if the investment offers an interest rate of 6.0% compounded monthly is $13740.79

Learn more on compound interest here: https://brainly.com/question/24924853

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