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Varvara68 [4.7K]
3 years ago
13

How much money must be deposited now in an

Mathematics
1 answer:
Liono4ka [1.6K]3 years ago
5 0

Answer:

\$487.48

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=10\ years\\ A=\$1,000\\ r=7.25\%=7.25/100=0.0725\\n=4  

substitute in the formula above

1,000=P(1+\frac{0.0725}{4})^{4*10}  

1,000=P(\frac{4.0725}{4})^{40}

P=1,000/(\frac{4.0725}{4})^{40}

P=\$487.48

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