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marin [14]
3 years ago
8

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?
Mathematics
2 answers:
vivado [14]3 years ago
8 0
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
Zinaida [17]3 years ago
5 0
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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