Question

how much would you need to invest to get $20,000 in 5 years at an annual interrest rate of 8.5% compounded monthly?

Answer 1

Keywords here are "compounded monthly"

Answer 2

Compound Interest Formula\[A = P(1+\frac{ r }{ n })^{nt}\]

A = amount of money accumulated after n years, including interest.
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal).
n = number of times the interest is compounded per year
t = number of years the amount is deposited or borrowed for.

Answer 3

thanks

Answer 4

No problem

Answer 5

sorry but doesn't give me the result