How to find the account balance
1 answer:
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.
You might be interested in