Posted by Scott on Wednesday, December 19, 2012 at 3:46pm.
$2700 left in an account paying 4% interest would be worth how much today?
Math - Damon, Wednesday, December 19, 2012 at 3:49pm
Scott, you are not giving us anything like the information required for this problem or the other one.
How often? (monthly, continuous, quarterly)
In your earlier problem you gave us no idea what the interest rate was or how often it was compounded. Are you making these problems up yourself?
Math - Scott, Wednesday, December 19, 2012 at 4:10pm
It is not a school question. It is a real life question.
So let's assume the interest averaged 4 % compounded daily over the 27 years.
Math - Damon, Wednesday, December 19, 2012 at 10:23pm
future value = present value e^yr
where y = 27 years
r = .04 yearly interest rate
e^1.08 = 2.945
2700 * 2.945 = 7950.63
Math - Damon, Wednesday, December 19, 2012 at 10:25pm
Answer This Question
More Related Questions
- Math - If I left $2700 in a variable rate interest account in 1986, how much is ...
- Economics - $2700 left in a variable rate interest bearing account in 1986 is ...
- Math - If Brad invests $2700 in an account paying 11% compounded quarterly. How ...
- algebra - Tom invests $10,000 into two accounts, one paying 2% interest per year...
- Personal Finance Concepts - After a protracted legal case, Joe won a settlement ...
- Math - Today you deposited $5000 into a savings account paying 12% interest. How...
- personal finance - A.After a protracted legal case, Joe won a settlement that ...
- personal finance - After a protracted legal case, Joe won a settlement that will...
- Finance - You can deposit 10,000 into an account paying 9% annual interest ...
- Finance - . (TCO 3) Mark deposited $1,000 today, in an account that pays eight ...