Mark knows that he will need to buy a new car in 5 years. The car will cost $15,000 by then. How much should he invest now at 8%
, compounded quarterly, so that he will have enough to buy a new car?
1 answer:
X - initial investment
8% - annual rate
x·=15,000,
so x = 10094.54
ANSWER: $10,094.57
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