change it to 269 then add 15
9514 1404 393
Answer:
$6307.95
Step-by-step explanation:
The compound interest formula can help with that.
A = P(1 +r/n)^(nt) . . . . value of principal P at rate r for t years, compounded n times per year.
P = A(1 +r/n)^(-nt) = $8000(1 +0.04/2)^(-2·6) = $8000(1.02^-12) = $6307.95
Momba needs to deposit $6307.95 today to have $8000 in 6 years.
