Alex wants to have $3000 in his bank account after 4 years. If the account earns 6% interest compounded 2 times per year, how mu
ch should he put in? Round to the nearest cent. A. $2863.32 B. $2238.36 C. $2633.82 D. $2368.23
2 answers:
3000 = p( 1 + .06/2)^(4 * 2)
3000 = p(1.03)⁸
p = 3000/ 1.03⁸
p = 2368.2277029
<span>$2368.23 <-----</span>
3000 = p( 1 + .06/2)^(4 * 2)
<span>3000 = p(1.03)⁸ </span>
<span>p = 3000/ 1.03⁸ </span>
<span>p = 2368.2277029 </span>
<span>$2368.23 <-----</span>
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