A company will need $35000 in 6 years for a new addition. To meet this goal the company deposits money in an account today that pays 4% annual interest compounded quarterly. Find the amount that should be invested to total $35000 in 6 years. The company should invest $□?

asked by hope

10 years ago

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1 answer

P(1+.04/4)^(4*6) = 35000

Now just solve for P.

answered by Steve

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Question

A company will need $35000 in 6 years for a new addition. To meet this goal the company deposits money in an account today that pays 4% annual interest compounded quarterly. Find the amount that should be invested to total $35000 in 6 years. The company should invest $□?

1 answer

P(1+.04/4)^(4*6) = 35000

Now just solve for P.

Steve · Answer

P(1+.04/4)^(4*6) = 35000 Now just solve for P.