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April 21, 2014

April 21, 2014

Posted by **Salvador** on Monday, March 19, 2012 at 1:23am.

- math -
**MathMate**, Monday, March 19, 2012 at 8:48amAmount = A

Use the compound interest formula

A(1.17)^35=5000000

log(A)=log(5000000)-35log(1.17)

A=20533.59 (per year)

or

1711.13 per month.

Note: there hasn't been an interest rate as high as 17% for the past thirty years of so in North America.

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