How much money should you invest now in order to have $ 60 comma 000$60,000 in 2929 ? years? assume that the money earns interest at 10.5 %10.5%? , compounded annually. round to the nearest dollar amount.

$3316 should be invested.

Step-by-step explanation:

Since, the amount formula in compound interest is,

Where, P is the principal amount,

r is the rate per period,

t is the time in years,

Here,

A = $ 60,000,

r = 10.5% = 0.105

t = 29 years,

By substituting value,

Hence, $ 3316 should be invested.

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step-by-step explanation: