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valentinak56 [21]
3 years ago
11

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?
Mathematics
1 answer:
dangina [55]3 years ago
5 0

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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