in 15 years Pam hope to have $30,000to make a down payment on a house. how much would she need to invest right now in a mutual fund that earns 8% annual interest in order to have enough for her down payment in 15 years

She needs to invest $13,636.36 right now

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

In this question:

In 15 years, so

She wants to have $30,000, so

8% interest, so

We have to find P.

Replacing:

She needs to invest $13,636.36 right now

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step-by-step explanation:

9-15%

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step-by-step explanation: