Samantha knows that she needs $22,000 for a 10% down payment on a house she can afford. She found an investment that earns 2.75% interest compounding monthly. How much should she put in the account now, rounded to the nearest dollar, to ensure she has the down payment amount in 5 years?

Question

anonymous · Answer

@Angelus @asnaseer @ananthus123 @BellaNina865 @Beth_1 @Coolguy25 @CallMeKiki @dolphins121 @DavidUsa @eunalexis @Frostbite @hari5719

anonymous · Answer

@nincompoop @shrutipande9

anonymous · Answer

19,77

anonymous · Answer

Sorry 19,177

anonymous · Answer

@Coolguy25 could you tell me how you got it like show the equation of what you did?

anonymous · Answer

Please avoid mass tagging!

e.mccormick · Answer

Cassie, here is how: https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

tkhunny · Answer

Have you tried the frequent compounding single deposit formula?