. An investment fund pays 12% per year, compounded monthly, on all money invested. How much must be invested now to have $6000 when it is needed four years from now?
. An investment fund pays 12% per year, compounded monthly, on all money invested. How much must be invested now to have $6000 when it is needed four years from now?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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![. An investment fund pays 12% per year, compounded monthly, on all money invested. How
much must be invested now to have $6000 when it is needed four years from now?
the](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faf4842e5-7e29-4958-9070-929b5ebfd3db%2Fd078dcda-374e-46d4-9ddd-26d6d3c311e5%2Fe2i5v6g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:. An investment fund pays 12% per year, compounded monthly, on all money invested. How
much must be invested now to have $6000 when it is needed four years from now?
the
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