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Math Help - compound interest problem

  1. #1
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    compound interest problem

    What amount 12 months ago is equivalent to $2,900, 2 years
    from now if money earns 4.50% compounded monthly during the
    intervening time?

    Thank you!
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  2. #2
    Junior Member
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    Oct 2008
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    Re: compound interest

    Here's a hint:
    <br />
x*(1+(0.045/12))^{(12+(2.5*12))}=x*(1+(0.045/12))^{42} = 2900<br />

    Then solve for x.
    Last edited by BoboStrategy; October 31st 2008 at 03:44 AM. Reason: Formatting
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