a company will need $65,000 in 6 years for a new addition. to meet this goal the company deposits money in an account today that pays 3% annual interest compounded quarterly. find the amount that should be invested to total $65,000 in 6 years.

the company should invest..... $...
round to the nearest dollar as needed.

Question

a company will need $65,000 in 6 years for a new addition. to meet this goal the company deposits money in an account today that pays 3% annual interest compounded quarterly. find the amount that should be invested to total $65,000 in 6 years.

the company should invest..... $...
round to the nearest dollar as needed.

hero · Answer

65000 = P(1+r/n)^nt

hero · Answer

65000 = P(1+.03/4)^(6*4)

anonymous · Answer

im havin a hard time solve that man

hero · Answer

65000 = P(1.0075)^(24)
65000/(1.0075)^24 = P
P = 54,329

anonymous · Answer

so to round that i would just put 54,000

hero · Answer

No. Never round unless asked to

hero · Answer

That is already rounded to the nearest dollar by the way

anonymous · Answer

it says round to the nearest dollar as needed

anonymous · Answer

oh

hero · Answer

If it wasn't you would see decimals