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)
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)
Answers
Answered by
jonathan
disregard last line...lol
Answered by
mathhelper
correct
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.