Answer:
5,477.63
Step-by-step explanation:
First, convert R percent to r a decimal
r = R/100
r = 6%/100
r = 0.06 per year,
Then, solve our equation for P
P = A / (1 + r/n)nt
P = 5,500.00 / (1 + 0.06/4)(4)(0.068448)
P = 5,500.00 / (1 + 0.015)(0.273792)
P = $ 5,477.63
Summary:
The principal investment required to get
a total amount of $ 5,500.00
from compound interest at a rate of 6% per year
compounded 4 times per year
over 0.068448 years
is $ 5,477.63.
** i got this from calculator soup
