What initial investment must be made to accumulate $6 in 17 years if the money is invested in a mutual fund that pays 12% annual interest, compounded monthly?

$7881.18

Step-by-step explanation:

   Let the initial Investment be . The Interest is compounded on a monthly basis at 12% annual interest rate. After 17 years, the Investment amounts to $60,000.

   As the annual interest rate is 12%, the monthly interest rate is 1%.

Since this is a compound interest problem, the total amount can be modeled as follows:

Here is the interest rate, i.e , and t is the number of time periods, i.e =

∴ Initial Investment = $7881.18

part 1 answer = 8

part 2 answer = 72

step-by-step explanation:

part 1 explanation = add all of the numbers, then divide by how many numbers you have. so, 200/25 = 8.

part 2 explanation = not gonna lie, this is hard to explain, so just google how to do it.

step-by-step explanation:

i believe its "c" because all of the other options include a but it could be d because there is a way of financing with cash at certain places but its uncommon.