Tracy should deposit 1,369.86 to earn 3,000 in 5 years at 4% interest rate compounded 4 times a year
Given:
Compounded Interest = 3000
Term = 5 year
Frequency = 4 times a year
interest rate = 4%
Principal = unknown.
C.I = Principal × (1 + rate)^t
3000 = Principal × (1.04⁴)⁵
3000 = Principal × 1.17⁵
3000 = Principal x 2.19
3000/2.19 = Principal
1,369.86 = Principal
Answer: The answer is <u>606060</u>.
Step-by-step explanation: Its pretty simple all you do is add like this and you will get the answer you are needing. If this helped leave a like and try to respond. ❤
Answer:
you would have to get a 100 on your fifth test
Step-by-step explanation:
because between your first 4 tests, the average is only 87 something but when you add 100 to that, the average turns to 89.6 which when rounded becomes 90.