What is the y intercept?
1 answer:
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A=future amount
P=present amount
r=rate in decimal
t=time in years
n=how many tmes per year it is compounded
they want 110,000=A
present amount=?
rate is 6% or 0.06
time is 12 years
semianually means 2 times per year, so n=2
divide both sides by (1.03)^24 using your graphinc calculator
54112.7109=P
$54,112.71 should be invested