If Ill m, solve for x. (8x - 71) (5x + 7) x =
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<u>Answer-</u>
<em>$23377</em><em> must be deposited to get $68000 at the end of 30 years.</em>
<u>Solution-</u>
We know that for compound interest,
Where,
A = Future amount = $68,000
P = ??
r = 3.575% annual = 0.03575
n = 4 as interest is compounded quarterly
t = time in year = 30 years
Putting the values,
Therefore, $23377 must be deposited to get $68000 at the end of 30 years.