Lakisha just won some money in a sweepstakes drawing. She is considering putting her winnings in a long term investment. To the nearest dollar, how much money would Lakisha need to put into an account earning 5% interest compounded annually in order to have $30,000 at the end of 20 years?

Question

kropot72 · Answer

$$\large 30000=P(1+0.05)^{20}$$
You need to solve this equation to find the value of P, the required principal.

mendicant_bias · Answer

Just letting you know, Supercat, this is the wrong subcategory; I'm sure people would be better suited to help you in the main mathematics page. Good luck! :)