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21-08-2020
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Find the present value that will grow to $45,000 if interest is 3.6% compounded monthly for 1 year.

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ayokenny2001 ayokenny2001

23-08-2020

Answer:

43,411.15

Explanation:

The formula for compound interest is

A = P(1 +I) ^n

From the question,

A = 45,000

P = Unknown

I = 0.036 ÷ 12

n = 1 * 12

Therefore,

45,000 = P(1 +0.036/12) ^1 *12

45,000 = P(1.003)^12

45,000 = 1.0365998P

P = 43,411.15

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