Write the equation in logarithmic form 8^x=64
1 answer:
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Answer:
The amount that must be deposited is $ 19973.87.
Step-by-step explanation:
We have a relation between future value present value as:
F= P
F=future value
P=present value
r=rate (as a decimal)
n=number of compounding periods per year
t=number of years
Now,
assume rate as 8%
35000= P
or, 35000= P ×
or, P =
or, P = $ 19973.87
So you must deposit $ 19973.87 today.