Exit
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 6 years?
A. $4000
B. $3500.80
C. $4279.04
D. $3820.36

Question

Exit	
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 6 years?
	A.	$4000
	B.	$3500.80
	C.	$4279.04
	D.	$3820.36

anonymous · Answer

$$A = P(1+\frac{ r }{ n })^{nt}$$
P = principal amount (the initial amount you borrow or deposit)
A = amount of money accumulated after n years, including interest.
r  = annual rate of interest (as a decimal)
t  = number of years the amount is deposited or borrowed for.
n  =  number of times the interest is compounded per year

anonymous · Answer

thank you! i forgot the formula ;_;

anonymous · Answer

since this problem is working backwards, it doesnt use this exact formula, right?

anonymous · Answer

just plug in what you know, yo

anonymous · Answer

thanks doc