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liq [111]
1 year ago
11

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?
Mathematics
1 answer:
Slav-nsk [51]1 year ago
6 0

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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