Tammy wants to renovate her upstairs bathroom. She is budgeting $16000 for all the changes she would like to make. She has found

Question

Tammy wants to renovate her upstairs bathroom. She is budgeting $16000 for all the changes she would like to make. She has found an investment opportunity that compounds monthly at a rate of 4.9%. (Use the compound interest formula to find this value, show your work)
a) How much money should she invest if she wants to be able to do this in 8 years?
b) How much money should she invest if she's only willing to wait 5 years?

Kunduz · Accepted Answer

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