Answer to Question #168360 in Macroeconomics for Ashly Ceja

Question

investing $17985 on march 1st 2021, i pay .02% per month and the invester wants their money on January , 2024. how much will I give the invester back

Answer 1

$solution\\ principal= 17,985\ dollars\\ payment\ rate\ per\ month=.02\ percent\\ payment \ duration=12+12+10=34 \ months\\$

$\$17,985\times {(1+0.0002)}^t\\ \$17.985\times ({1.0002})^t\\ t=34\\ \$17,985\times 1.0068=\$18,107.298\\$