A company will need $35,000 in 7 years for a new addition. To meet this goal, the company deposits money in an account today that pays 4% interest compounded annually. Find the amount to the nearest hundred dollars that should be invested to total $35,000 in 7 years.

asked by Jaidon

5 years ago

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1 answer

x(1.04)^7 = 35000

solve for x

let me know what you get.

answered by Reiny

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Question

A company will need ​$35,000 in 7 years for a new addition. To meet this​ goal, the company deposits money in an account today that pays 4% interest compounded annually. Find the amount to the nearest hundred dollars that should be invested to total ​$35,000 in 7 years.

Reiny · Answer

x(1.04)^7 = 35000 solve for x let me know what you get.

A company will need ​$35,000 in 7 years for a new addition. To meet this​ goal, the company deposits money in an account today that pays 4% interest compounded annually. Find the amount to the nearest hundred dollars that should be invested to total ​$35,000 in 7 years.

A company will need $35,000 in 7 years for a new addition. To meet this goal, the company deposits money in an account today that pays 4% interest compounded annually. Find the amount to the nearest hundred dollars that should be invested to total $35,000 in 7 years.