Question

I really don't know what to do for this question! :( help?

Answer 1

The amount of money she should deposit is 6131.14 dollars.

How to find the compound interest ?

The amount she should deposit can be found as follows:

$p = \frac{A}{(1+\frac{r}{n} )^{nt} }$

where

• A = amount to deposit
• r = rate
• n = number of times
• t = time
• p = principal

Therefore,

p = $\frac{20000}{(1+\frac{0.12}{4}{} )^{40} }$

$p=\frac{20000}{(1+0.03)^{40} }$

$p = \frac{20000}{1.03^{40} }$

$p=\frac{20000}{3.262037792}$

Hence,

p = $6,131.14

Therefore, she should deposit 6131.14 dollars.

learn more on compound interest here: brainly.com/question/13155407

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