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What would you have to invest today at 5% interest compounded monthly if you wish to have $20,000 in 10 years?

What would you have to invest today at 5% interest compounded monthly if you wish to have $20,000 in 10 years?
asked 221k views
4 votes
What would you have to invest today at 5% interest compounded monthly if you wish to have $20,000 in 10 years?

asked
User Mr Dansk
by
8.4k points

1 Answer

3 votes
Simple intrest:-
Intrest(20000)=(Investment(Unknown so lets say Y)xPercent(5%)xtime(10))/100
=
20000=(Yx5%x10)/100 =
5/100x10=
0.5Y/100x100=20000x100/0.5 Y=4000000
answered
User Fabio Mendes Soares
by
8.0k points
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