Answer to Question #265625 in Financial Math for sumu

Question #265625

How much is to be invested now at 10% compound interest p.a. if after 5 years the investment is to reach a target sum of $30000.

Expert's answer

"A=P(1+\\frac {r} {100}) ^n"

"30,000=P(1 +0.1)^5"

"30000=(1.1)^5 P"

"1.6105P=30,000"

"P=\\$18,627.76"

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