Question

How to find the account balance

Answer 1

9514 1404 393

Answer:

  $163,002

Step-by-step explanation:

If you're working problems of this sort, you have been shown formulas and examples. Use the appropriate formula with the numbers of this problem.

For the formula below, you have d=3000, r=0.045, k=4, N=11

  P = (3000)(1 -(1 +0.045/4)^(-11·4))/(0.045/4) ≈ 163,002

The account needs to hold about $163,002 to make this possible.