The answer is P = $19,522.47.
First, convert R as a percent to r as a decimal
r = R/100
r = 9/100
r = 0.09 per year,
Then, solve the equation for P
P = A / [tex](1 + \frac{r}{n} )^{nt}[/tex]
P = 40,000.00 / [tex](1 + 0.09 / 12)^{(12)(8)}[/tex]
P = 40,000.00 / [tex](1 + 0.0075)^{96}[/tex]
P = $19,522.47
Summary:
The principal investment required to get a total amount of $40,000.00 from compound interest at a rate of 9% per year compounded 12 times per year over 8 years is $19,522.47.
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