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3 years ago

15

Carol wants to invest money in a 6% CD account that compounds semiannually. Carol would like the account to have a balance of $5

0,000 five years from now.
How much must Carol deposit to accomplish her goal?
(A) $37,205.
(B) $43,131.(C) $35,000.(D) $35,069.

1 answer:

Mandarinka [93]3 years ago

7 0

43131 x 1.06^5 = 57719.0073..... ($57719.01)
B

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$PresentValue=\frac{FutureValue}{(1+r)^{n} }$

Where: r is our discount rate (7%) and n the periods from now when she will receive that $500 amount. This should look like this.

$PresentValue=\frac{500}{(1+0.07)^{9} } =271.97$

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$Present Value=\frac{A((1+r)^{n}-1 )}{r(1+r)^{n} }$

And we solve for "A" like this

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Therefore, the equivalent amount of money of $500 in 9 years is $100 today and $26.40 every year, at the end of the year, for nine years.

Best of luck.

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