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castortr0y [4]
3 years ago
6

A company will need ​$30,000 in 8 years for a new addition. To meet this​ goal, the company deposits money in an account today t

hat pays 4​% annual interest compounded quarterly. Find the amount that should be invested to total ​$30,000 in 8 years.
Mathematics
1 answer:
Maksim231197 [3]3 years ago
8 0

Answer:

Step-by-step explanation:

Use this formula:

A(t)=P(1+\frac{r}{n})^{(n)(t)}

where A(t) is the amount after the investment time is over, P is the initial amount invested (what we are looking for), r is the interest rate in decimal form, n is the number of times it compounds per year, and t is the time in years.  Fillling in:

30,000=P(1+\frac{.04}{4})^{(4)(8)} and simplifying a bit:

30,000=P(1+.01)^{32} and some more:

30,000 = P(1.374940697)

P = $21,819.12

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