Am I right vote you brainiest
1 answer:
You might be interested in
Given:
• Amount to save, A = $28,000
,• Time, t = 6 years
,• Interest rate, r = 5.3% ==> 0.053
,• Number of times compounded = quarterly = 4 times
Let's find the amount that must be deposited into the account quarterly.
Apply the formula:
Where:
FV is the future value = $28,000
r = 0.053
n = 4
t = 6 years
Thus, we have:
Let's solve for P.
We have:
Solving further:
Divide both sides by 28.0384237:
Therefore, the amount that must be deposited quarterly into the account is $998.60
ANSWER:
$998.60
The topics you should learn are equating denominators and fractions. This is summing up simple fractions.
So we have to make denominators' numbers the same in order to sum up them all (we can sum fractions if the denominators are the same) , and we did it by cross product (that thing on the picture)
Equating by lcm (least common multiple) is the easiest way, because you might see bigger numbers on other questions, and cross product will bring much bigger numbers, so this technic might confuse you.
By the way lcm of 4 and 5 is already 20
Hope it helps!
