A company wants to have $20,000 at the end of a ten-year period by investing a single sum now. How much needs to be invested in order to have the desired sum in ten years, if the money can be invested at 12%

Step-by-step explanation:

let us assume  the investment is compounded over the given period

Given data

Final amount A= $20,000

Rate r= 12%= 0.12

Time t= 10 years

principal=?

The compound interest formula is

Substituting our given data we have

Dividing both side by 3.105 to find P

Principal is $6441.22

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step-by-step explanation: