Asked by jonathan

A savings account has an interest rate of 7.3% that accrues quarterly. How much money should be invested so that the balance in the account will be $51,000 after 11 years? Round your answer to the nearest cent.


A=51,000(1+.073/4)^(-4)(11)

=51,000(1.01825)^-44
=51000(.4512379054)
=$23,013.13

Is this correct?
Many thanks

51,000=Pe073(11)
Answered by jonathan
disregard last line...lol
Answered by mathhelper
correct
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