moxie wants to have a 5000. how much money does she have to deposit in an account at 6% interest compounded 3 times per year in
order to have 5000 at the end of 4 years
2 answers:
Around 2488 dollars
Explanation:
If we set
x
to be the amount of money she deposited initially, then we get an equation:
x
⋅
1.06
12
=
5000
1.06 because her money is multiplied by 106% every time, and to the power of 12 because interest is compounded 3 times per year for 4 years.
So just solve for
x
:
x
=
5000
1.06
12
x
=
5000
2.01
[2.01 is approximate]
x
≈
2488
Answer:
3942.47
Step-by-step explanation:
correct because i know
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