How much do I have to deposit today in order to have $5000 in 5 years if interest is 8.5% compounded annually?
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Answer:
See below
Step-by-step explanation:
To solve for d, multiply both sides of the equal sign by 4.
4(1/4d) = 4 (1/5g(g+e)-h)
4/4d = 4(1/5 + 1/5ge - h)
d = 4/5 + 4/5ge - 4h