Math Problem Statement

how much should be invested now at 4.65% compounded monthly to have 42000 in 12 years

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

Compound interest formula: A = P(1 + r/n)^(nt)
Principal formula: P = A / (1 + r/n)^(nt)

Theorems

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Suitable Grade Level

Grades 11-12 or College