Asked by Chris T. Leaf
How much money should Jamie deposit into an account which pays 9%, compounded biannually, in order to have $4,000.00 in 4 years?
Answers
Answered by
bobpursley
4000=M*(1+.045)^8
taking logs
log4000=logM+8(log(1.045))
log4000-(8Log1.045)= logM
3.60-.153=LogM
M=2812
check that.
taking logs
log4000=logM+8(log(1.045))
log4000-(8Log1.045)= logM
3.60-.153=LogM
M=2812
check that.
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