Question

If a company deposits money into an account today that pays 6% annual interest compounded quarterly. Find the amount invested to total 55,000 in 5 years

Answer 1

The quarterly interest is 6/4 = 1.5%
The number of quarters in 5 years is 5 * 4 = 20
\[55000=P(1+0.015)^{20}\]
CAn u now solve for P the amount invested?

Answer 2

40835.87

Answer 3

am I right?

Answer 4

Congratulations, u solved it :)

Answer 5

http://web2.0calc.com/ use this calculator

Answer 6

for future math equations