check answer please...A company will need $55,000 in 5 years for a new addition. To meet this goal, the company deposits money in an account that pays 5% annual interest compound quarterly. Find the amount that should be invested to total 55,000 in five years.

Question

goformit100 · Answer

For solving this do you know the conception of : Simple Intrest

anonymous · Answer

well i had 11,000 but i dont think its right

anonymous · Answer

i have to put the 5% in decimal form which would be 0.05