Asked by Marshall

How much should Linda set aside now to buy equipment that costs 6,100 in one year? The current interest rate is 0.7% annually, compounded annually.

11 years ago

Answered by Reiny

x(1.07)^1 = 6100
x =6100/1.07 = $5700.93

11 years ago

Answered by Marshall

Thank you Reiny

11 years ago

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