What initial investment is required to produce a maturing amount of in 60 months' time
MATHEMATICS · Subjective · CBSE · Mathematics · Fractions in Disguise · Fractions in Disguise
Problem
What initial investment is required to produce a maturing amount of 15000 in 60 months' time, given a guaranteed fixed interest rate of 5.5% p.a. compounded annually? Round your answer up to the next dollar.