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Sonbull [250]
3 years ago
15

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?
Mathematics
1 answer:
poizon [28]3 years ago
8 0

Answer:

  • $15422.28

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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