Question

Moxie wants to have $5000. How much money does she have to deposit in an account at 6% interest, compounded 3 times per year, in order to have $5000 at the end of 4 years?
A) $4002.73
B) $3807.90
C) $3942.47
D) $4372.49

Answer 1

C
Solve this equation for x
\[x(1.02)^{12}=5000\]