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31 August, 13:34

What would you have to invest today at 5% interest compounded monthly if you wish to have $20,000 in 10 years?

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  1. 31 August, 14:15
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    Simple intrest:-

    Intrest (20000) = (Investment (Unknown so lets say Y) xPercent (5%) xtime (10)) / 100

    =

    20000 = (Yx5%x10) / 100 =

    5/100x10=

    0.5Y/100x100=20000x100/0.5 Y=4000000
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