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Blababa [14]
3 years ago
10

How much must be deposited today into the following account in order to have $ 65,000 in 8 years for a down payment on a​ house?

Assume no additional deposits are made.
An account with annual compounding and an APR of 4​%
​$
nothing should be deposited today.
​(Do not round until the final answer. Then round to the nearest cent as​ needed.)
Mathematics
1 answer:
svp [43]3 years ago
3 0

Answer:

\$47,494.86

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=8\ years\\ A=\$65,000\\ r=4\%=4/100=0.04\\n=1  

substitute in the formula above  

65,000=P(1+\frac{0.04}{1})^{1*8}  

65,000=P(1.04)^{8}  

Solve for P

P=65,000/(1.04)^{8}  

P=\$47,494.86

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