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3 years ago

13

how much money should be deposited today in an account that earns 5% compounded quarterly so that it accumulate to $7500 in 5 ye

ars

1 answer:

ivann1987 [24]3 years ago

6 0

Knowing that it is a quarterly rate, we know that there are 20 quarters in 5 years:

20(1.05(x)) = 7500

21x = 7500

x = 357.14

You should deposit about $357.14

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