Question

Mila is going to invest in an account paying an interest rate of 2.5% compounded
annually. How much would Mila need to invest, to the nearest cent, for the value of
the account to reach $44,000 in 14 years?

Answer 1

Answer:

15400

Step-by-step explanation:

Answer 2

Answer:

31140.00

Step-by-step explanation:

A=44,000

r=0.025

t=14

44,000=P(1+0.025)^14

44,000=P(1.412973821)

$\frac{44000}{1.412973821}$   =   31139.99661

Round to the nearest cent

A= 31140.00