Question

Mathew knows the he will need to buy a new car in 4 years. The car will cost 15,00 by the. How much should he invest now at 10%, compound quarterly so that he will have enough to buy a new car

Answer 1

Answer:

$1010.44

Step-by-step explanation:

1500 = X(1 + 0.1/4)¹⁶

X = 1500/(1.025¹⁶)

X = $1010.4374