Suppose your boss tells the people you work with, "If any worker shows up at my house on Saturday and helps me clean my pool for
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Answer:
I have to invest $11364.
Explanation:
The formula of Compound Interest is:
where A = Amount
P = Principle
r = rate
n = Number of Compounding per year
t = total number of year
Here, A = 15000, r = 5.75% = 0.0575, n = 4(quarterly), and t = 5.
Putting all these values in above formula:
⇒
⇒
⇒
⇒ P = 11364
Hence, I have to invest $11364 for 5 years.