How much must you invest at one time in order to accumulate $18,000 in 12 years at 5% annual interest?
Use the geometric sequence formula
We can solve this problem by using the formula
where tn is general term, t1 is the first term of the sequence, r is the common ratio, and n is the number of terms.
By plugging the values we have into the formula we'll see that:
The answer is $10,023.1