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If you wish to have $60,000 in 8 years how much do you have to deposit in the bank if the accoun pays an iterest of 9%

If you wish to have $60,000 in 8 years how much do you have to deposit in the bank if the accoun pays an iterest of 9%
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5 votes
If you wish to have $60,000 in 8 years how much do you have to deposit in the bank if the accoun pays an iterest of 9%

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User Oillio
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7.9k points

1 Answer

2 votes

60000 = P(1 + 8(0.09))

60000 = 1.72P

P = $34883.72

answered
User Fhnaseer
by
7.8k points
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