Given amount and interest rate, find principal

brownrebecca333 · Sep 26, 2018

Homework help please: If I want to have $60,000 in 8 years, how much would I need to deposit in the bank today if the account pays an interest rate of 9%?

skeeter · Sep 26, 2018

Re: Please help me

brownrebecca333 said:

Homework help please: If I want to have $60,000 in 8 years, how much would I need to deposit in the bank today if the account pays an interest rate of 9%?

Simple or compounded interest? If compounded, what is the compounding period?

Wilmer · Sep 27, 2018

brownrebecca333 said:

Homework help please: If I want to have $60,000 in 8 years, how much would I need to deposit in the bank today if the account pays an interest rate of 9%?

60000/((1 + .09/f)^(8*f)) where f = compounding frequency

Given amount and interest rate, find principal

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Given amount and interest rate, find principal

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