Blake is going to invest in an account paying an interest rate of 1.5% compounded quarterly. How much would Blake need to invest
to the nearest dollar, for the value of the account to reach $910 in 10 years
1 answer:
Answer:
$783.46
Step-by-step explanation:
Compounded interest rate (quarterly) formula: A = P(1 + r/4)^4t
Simply plug in our known variables and solve:
910 = P(1 + 0.015/4)^4(10)
910 = P(1.00375)^40
910 = 1.16151P
P = 783.464
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