Libra1716viz
Answered

How much money would you need to deposit today at 15% annual interest compounded annually to have P1,500.000 in the account after 9 years ​

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XyrielBelleviz

Question:

How much money would you need to deposit today at 15% annual interest compounded annually to have P1,500.000 in the account after 9 years

Answer:

[tex]\color{skyblue}\boxed{x = 1500000 × 20⁹/23⁹}[/tex]

Step-by-step explanation:

Based on the given conditions, formulate:

  • x × (1+15%) ⁹ = 1500000

Calculate the sum or difference:

  • x × 1.15 ^ 9 = 1500000

Divide both sides of the equation by the coefficient of variable:

  • x = 1500000/1.15⁹

Convert decimal to fraction:

  • x = 1500000/ (115/100)⁹

Cross out the common factor:

  • x = 1500000/ (23/20)⁹

Simplify using exponent rule with same exponent:

  • (ab)n =an.bn: x = 1500000/23⁹/20⁹

Divide a fraction by multiplying its reciprocal:

  • x = 1500000 × 20⁹/23⁹

Write as a single fraction:

  • x = 1500000 × 20⁹/23⁹

Gets the result:

  • x = 1500000 × 20⁹/23⁹

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