Asked by gary
Find the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.)
$990 at 5.5% compounded quarterly for 3 years
Find the present value, using the present value formula and a calculator. (Round your answer to the nearest cent.)
Achieve $225,500 at 8.55% compounded continuously for 8 years, 155 days.
thank you
$990 at 5.5% compounded quarterly for 3 years
Find the present value, using the present value formula and a calculator. (Round your answer to the nearest cent.)
Achieve $225,500 at 8.55% compounded continuously for 8 years, 155 days.
thank you
Answers
Answered by
Steve
just solve for p in
p(1+.055/4)^(4*3) = 990
8y 155d = 8.43 years, so
p*e^(.0855*8.43) = 225500
p(1+.055/4)^(4*3) = 990
8y 155d = 8.43 years, so
p*e^(.0855*8.43) = 225500
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