Rita promises to give her 12-year-old daughter $12,000 when she turns 18. how much does she need to put in the bank now if the interest rate is 12 percent per year?

$6,079.58 does she need to put in the bank now

Step-by-step explanation:

Using the formula:

where

A is the amount

P is the principal

r is the rate of interest(in decimal) and

t is the time in years.

As per the statement:

Rita promises to give her 12-year-old daughter $12,000 when she turns 18.

⇒

We have to find the sum of amount she need to put in the bank now.

r = 12% = 0.12

t =  years.

Substitute these in [1] to solve for P:

⇒

⇒

Divide both sides by 1.97382269 we get;

$6,079.57344  =P

Therefore, $6,079.58 does she need to put in the bank now if the interest rate is 12 percent per yea

step-by-step explanation:

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