Asked by Elisa
stuart daniels estimates that he will need 25,000 to set up a small business in 7 years. how much must Stuart invest now at 12%interest compounded quarterly to achieve his goal?
Answers
Answered by
Damon
12/4 = 3% per period
7* 4 = 28 periods
1.03^28 = 2.288
so
2.288 x = 25,000
x = 10,927
7* 4 = 28 periods
1.03^28 = 2.288
so
2.288 x = 25,000
x = 10,927
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