Roman should invest $18,223.97 in order to withdraw $22450.15 in exactly 3.7 years from now if interest rate is 5.65 % compounded monthly.
First, convert R as a percent to r as a decimal
r = R/100
r = 5.65/100
r = 0.0565 per year,
Then, solve the equation for P
P = A / (1 + r/n)^(nt)
P = 22,450.15 / (1 + 0.0565/12)^{(12)(3.7)}
P = 22,450.15 / (1 + 0.0047)(44.4)
P = $18,223.97
The principal investment required to get a total amount of $22,450.15 from compound interest at a rate of 5.65% per year compounded 12 times per year over 3.7 years is $18,223.97.
Therefore, Roman should invest $18,223.97 in order to withdraw $22450.15 in exactly 3.7 years from now if interest rate is 5.65 % compounded monthly.
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