Charles would like to accumulate $340,000 for her retirement in 10 years. If she is promised a rate of 4.29% compounded quarterl y by her local bank, how much should she invest today?
1 answer:
Answer:
$221,990.70
Step-by-step explanation:
here we need to apply the formula for future value ,,,,
Future Value = Present value (1+r/m)^mt
we insert the values we have in their respective positions. 4 29% = 0.0429 when we convert it by dividing by 100%
340, 000 = PV (1+0.0429/4)^4×10
340, 000/1.5322 = PV
PV = $221,990.70
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