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Leviafan [203]
3 years ago
14

You want to have $35,000 in cash to buy a car 4 years from today. you expect to earn 8 percent, compounded annually, on your sav

ings. how much do you need to deposit today if this is the only money you save for this purpose?
Mathematics
2 answers:
Anna007 [38]3 years ago
7 0
You will need to use this formula:
Principal = Total ÷ (1 + Rate) ^ <span>years
</span><span>Principal = 35,000 / [1.08]^4
</span><span><span><span>Principal = 35,000 / 1.36048896 </span> </span> </span>
Principal = <span> <span> <span> 25,726.04 </span> </span> </span>
So, you would have to deposit $25,762.04 @ 8 per cent to have 35,000 in four years.


hjlf3 years ago
6 0
Yee,

for compounded annualyy, with a principal of P, a rate of r (in decimal form) and time, t, in years

A=P(1+r)^t

given
amount you want=35000
r=8%=0.08
t=4

35000=P(1+0.08)^4
35000=P(1.08)^4
use your calculator to divide both sides by 1.08⁴
25726.044=P
so you need to deposit $25726.04
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