Mark needs $26,700 to purchase a boat. How much money will he need to invest today in a savings account earning 4.6% interest, c
ompounding quarterly, to have enough money to purchase the boat in 12 years? (2 points)
$3,083.12
$15,422.28
$22,220.50
$25,266.90
The correct answer is $15,422.28, I just need the work to solve it. Can anyone help me please?
1 answer:
Answer:
Step-by-step explanation:
- Future value FV = $26700
- Interest rate r = 4.6% = 0.046 per annum compounded
- Compound number n = 4 per year
- Time t = 12 years
- Initial amount P = ?
<u>Use formula for future value, solve for P:</u>
- FV = P*(1 + r/n)^(nt)
- 26700 = P(1 + 0.046/4)^(12*4)
- P = 26700 / 1.0115^48
- P = 15422.28
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