Asked by vickie
You wish to have $12,500 in 12 years. Find how much you should invest now at 12% interest, compounded quarterly in order to have $12,500, 12 years from now.
Answers
Answered by
Reiny
PV = ??
Amount = 12500
i = .12/4 = .03
n = 4(12) = 48
PV(1.03)^48 = 12500
PV = 12500/1.03^48 = 3,024.99
Amount = 12500
i = .12/4 = .03
n = 4(12) = 48
PV(1.03)^48 = 12500
PV = 12500/1.03^48 = 3,024.99
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