Lonnie is considering doing some long term investing with money that she inherited. she would like to have $50,000 at the end of 30 years. approximately how much money would lonnie need to put into an account earning 6% interest compounded annually in order to meet her goal?

we know that

The Compound Interest formula is equal to

where

A is the amount

P is the principal

t is the time in years

n is the number of times interest is compounded per year

In this problem we have

substitute in the formula above

solve for P

therefore

the answer is

Lonnie need to put $8,706 into an account.

Step-by-step explanation:

Consider the provided information.

She would like to have $50,000 at the end of 30 years and the intereset compounded annually is 6%

The compound interest formula is:

Where, A is the amount

, P is the principal  amount, t is the time and n is the number of times.

Substitute in above formula.

Hence, Lonnie need to put $8706 into an account.

12.5 feet

step-by-step explanation: