Asked by student
Can someone please explain how they got the answer for this problem its in my book:
Directions: Find the amount that should be invested now to accumulate the following amounts, if the money is coupounded as indicated.
$7500 at 12% compounded quarterly for 9 yrs.
answer: $2587.74
X * 1.03^36 = $7500.
X * 2.89828 = 7500
X = ?
? I have no idea
Directions: Find the amount that should be invested now to accumulate the following amounts, if the money is coupounded as indicated.
$7500 at 12% compounded quarterly for 9 yrs.
answer: $2587.74
X * 1.03^36 = $7500.
X * 2.89828 = 7500
X = ?
? I have no idea
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