Mathew knows that he will need to buy a new car in 4 years. The car will cost $15,000 by then. How much should he invest now at
10%, compounded quarterly, so that he will have enough to buy a new car?
2 answers:
So let's start with the cost of the car
It would be 15,000 in 4 years.
Now that we have that, we will now multiply 4 by 10%, which will equal 40.
Now, divide 40 by 15000 to get to 3750
Mathew should invest $10,104.37.
A = $15,000 future value
A = P(1 + r/4)^n
P = A/((1 + r/4)^n)
P = 15000/((1 + 0.10/4)^16)
P = $10,104.37
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250 + 100 = 350
350 + 1000 = 1350
1350 / 5 = 270
they need to sell 270 tickets
answer is B