Melanie is going to invest in an account paying an interest rate of 5.2% compounded
monthly. How much would Melanie need to invest, to the nearest hundred dollars,
for the value of the account to reach $19,600 in 19 years?

Answers

Answer 1

Answer:

7300    

  Step-by-step explanation:

I got it right  

Answer 2

Melanie would need to invest an amount of $7300.

What is Compound Interest?

Compound interest is defined as the amount of interest which has been calculated on the principal amount as well as the amount accumulated over the previous period is also included.

The final amount in a compound interest can be calculated using the formula,

A = P (1 + [tex]\frac{r}{n}[/tex] )^(n t)

Here A is the final amount, P is the principal value, r is the rate of interest, n is the number of times interest is compounded per year and t is the number of years.

Given,

A = $19,600

r = 5.2% = 5.2/100 = 0.052

Since it is compounded monthly, n = 12

t = 19 years

Substituting,

19,600 = P (1 + [tex]\frac{0.052}{12}[/tex])^ (12 × 19)

19,600 = P (1.0043)^(228)

19,600 = P (2.68)

P = 19,600 / 2.68

P = 7313.0767 ≈ 7300 to the nearest hundred

Hence the value of the account will reach $19,600 n 19 years if she invest an amount of $7300.

Learn more about Compound Interest here :

https://brainly.com/question/14295570

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

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Answers

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Answers

Answer:

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Answer:

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Answer:

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Answers

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Answers

Answer:

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Step-by-step explanation:

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6.
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5
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#6

Answers

9514 1404 393

Answer:

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_____

Alternate solution

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Answers

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Step-by-step explanation:

Answer: 18 cubic units

Step-by-step explanation:

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