A company will need 25,000 in 7 years for a new additon. To meet this goal, the company deposits money into an account today tha
t 3% annual interest compound quarterly. Find the amount that should be invested to total 25,000 in 7 years.
1 answer:
You can use the simple interest formula

We need P, which is the primary (or principal) investment, and we know that:
rate = 3% (0.03)
time = 7
i = $25000
So, just plug in and solve:


The company needs to invest $5250 today, to make $25000 in 7 years.
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