If Dain wants $50,000 after 3 years to make a down payment on a house, how much does he need to invest every quarter, into an ac
count that pays 6% compounded quarterly?
1 answer:
Answer:
P = $41,820.01
Step-by-step explanation:
A = P(1 + r/n)^nt
P = A / (1 + r/n)^nt
Where,
P = principal
A = future value = $50,000
n = number of periods = 4
r = interest rate = 6% = 0.06
t = time = 3 years
P = A / (1 + r/n)^nt
= 50,000 / (1 + 0.06/4)^4*3
= 50,000 / (1 + 0.015)^12
= 50,000 / (1.015)^12
= 50,000 / 1.1956
= 41,820.01
P = $41,820.01
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