how much would i have to start with to have 50,000 in 20 years using a 0.13% rate

Question

I don't remember how tofigure how much money I should start with to end u with $50,000 in 20 years & to use a rate of 0.13%

Answer 1

For simple interest:

A = p + p · r · t

50000 = p(1 + rt)

50000 = p(1 + (0.0013)(20))

50000 = p(1 + 0.026)

50000 = p(1.026)

48732.94 ≈ p

 

You need to invest forty-eight thousand seven hundred thirty-two dollars and ninety-four cents.