A company will need $30,000 in 5 years. to meet this goal they will need to deposit money in an account that pays 7% annual interest compound quarterly. find the amount that will be invested to total $30,000 in 5 years.

Question

A company will need $30,000 in 5 years. to meet this goal they will need to deposit money in an account that pays 7% annual interest compound quarterly. find the amount that will be invested to total $30,000 in  5 years.

jim766 · Answer

A = P ( 1 + r/n)^t*n

p is principal, the amount to invest
r is rate as a decimal
n is number times compounded in a yr
t is number of years

$$30,000=A(1 + \frac{ .07 }{ 4 })^{5*4}$$

jim766 · Answer

solve for A

anonymous · Answer

same as: http://openstudy.com/study#/updates/5185addee4b0bc9e008a6df6