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alisha [4.7K]
3 years ago
12

How much would Carol have to invest today at 6.4% compounded annually to have $5200 for a vacation to China in three years?

Mathematics
2 answers:
Elena L [17]3 years ago
5 0
[5200(1+.064)³]-5200
[5200 (1.064)³]-5200
[5200(1.21)]-5200
6292-5200=1092 so this may be the answer
Zinaida [17]3 years ago
4 0
The following formula for compound interest is needed:
A=P(1+r)^{t}
Plugging the given values into the formula, we get:
5200=P(1.064)^{3}
P=\frac{5200}{(1.064)^{3}}=4316.96
The answer is: $4,316.96

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