2 years ago

ind the present value that will grow to $4000 if the annual interest rate is 8.5% compounded quarterly for 9 yr.

Mathematics

1 answer:

frozen [14]2 years ago

4 0

Answer:

$1876.31

Step-by-step explanation:

The present value can be found using the compound interest formula.

<h3>Present value</h3>

The formula for the future value of an investment of P earning annual interest rate r compounded n times per year for t years is ...

FV = P(1 +r/n)^(nt)

Filling in the known values gives ...

4000 = P(1 +0.085/4)^(4·9) = P(1.02125^36)

Then the amount to be invested is ...

P = 4000/1.02125^36 ≈ 1876.31

The present value is $1876.31.

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