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?
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.
There are no AI answers yet. The ability to request AI answers is coming soon!