Nobody uses "tables" any more, this is 2020
8% interest compounded quarterly ----> rate is .02 per quarter
6 year = 24 quarter years
x(1.02)^24 = 24000
This is the same type of question as your previous post
Solve the following word problem by using Table 11-2.
Stuart Daniels estimates that he will need $24,000 to set up a small business in 6 years. Round your answers to the nearest cent.
Click here for Table 11-2
a. How much must Stuart invest now at 8% interest compounded quarterly to achieve his goal?
$ _________
b. How much compound interest will he earn on the investment?
$ _________
3 answers
Stuart Daniels estimates that he will need $24,000 to set up a small business in 9 years.
(a)
How much (in $) must Stuart invest now at 8% interest compounded quarterly to achieve his goal?
$
(b)
How much compound interest (in $) will he earn on the investment?
$
(a)
How much (in $) must Stuart invest now at 8% interest compounded quarterly to achieve his goal?
$
(b)
How much compound interest (in $) will he earn on the investment?
$
reiny read my name
1 answer