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mrs_skeptik [129]
3 years ago
9

If you need $3,000 four years from now, how much would you need to deposit into an account that earns 5% interest, compounded an

nually? $_____
Mathematics
1 answer:
Aleks04 [339]3 years ago
6 0

Answer:

2468.11 dollars

Step-by-step explanation:

Amount that should be available after four years =3000 $

Interest rate = 5%

No of years =4

Let P be the principal invested

Then 3000=P(1+0.05)^4\\P=3000(1.05)^{-4} \\=2468.11

Hence 2468.11 dollars should be deposited to get 3000 dollars after 4 years at 5% interest.

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