Answer:
$469887
Step-by-step explanation:
you should use compound interest formula which is
A=P(1+r/100) ^t
A = 242800 ( 1 + 0.045 ) ^ 15
when you punch this into a calculator you will get 469886.5771.....
when you round it off to a whole number the answer is $469887
Using compound interest, it is found that they must deposit $9,143.47 in order to have the desired amount.
<h3>What is compound interest?</h3>
The amount of money earned, in compound interest, after t years, is given by:
![A(t) = P\left(1 + \frac{r}{n}\right)^{nt}](https://tex.z-dn.net/?f=A%28t%29%20%3D%20P%5Cleft%281%20%2B%20%5Cfrac%7Br%7D%7Bn%7D%5Cright%29%5E%7Bnt%7D)
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
For this problem, the parameters are:
A(15) = 30000, r = 0.08, n = 4
Then we solve for P to find the initial deposit:
![A(t) = P\left(1 + \frac{r}{n}\right)^{nt}](https://tex.z-dn.net/?f=A%28t%29%20%3D%20P%5Cleft%281%20%2B%20%5Cfrac%7Br%7D%7Bn%7D%5Cright%29%5E%7Bnt%7D)
![30000 = P\left(1 + \frac{0.08}{4}\right)^{4 \times 15}](https://tex.z-dn.net/?f=30000%20%3D%20P%5Cleft%281%20%2B%20%5Cfrac%7B0.08%7D%7B4%7D%5Cright%29%5E%7B4%20%5Ctimes%2015%7D)
![P = \frac{30000}{(1.02)^{60}}](https://tex.z-dn.net/?f=P%20%3D%20%5Cfrac%7B30000%7D%7B%281.02%29%5E%7B60%7D%7D)
P = $9,143.47.
More can be learned about compound interest at brainly.com/question/25781328
#SPJ1
Answer:
ok
Step-by-step explanation: