Question
Jonathan wants to have $14,300 in 6 years. How much money should he deposit into an account paying 6.2% yearly interest, compounded weekly, to meet this goal?
So I must use A=P (1+r/m)^mt?
Since his future value/A is 14,300, I must find p?
A= 14,300 t=6 r=0.062 m=52
So I must use A=P (1+r/m)^mt?
Since his future value/A is 14,300, I must find p?
A= 14,300 t=6 r=0.062 m=52
Answers
Reiny
P(1 + .062/52)^312 = 14300
etc
You were well on your way
etc
You were well on your way