Emmy wants to save 8000 dollars for a down payment on a car. How much will she need to invest in an account with 6.5% APR compounded 4 times per year, in order to reach her goal in 4 years? Round your answer to the nearest cent.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%
Question 30
>
Emmy wants to save 8000 dollars for a down payment on a car. How much will she need to invest in an account
with 6.5% APR compounded 4 times per year, in order to reach her goal in 4 years? Round your answer to the
nearest cent.
Submit Question
Transcribed Image Text:Question 30 > Emmy wants to save 8000 dollars for a down payment on a car. How much will she need to invest in an account with 6.5% APR compounded 4 times per year, in order to reach her goal in 4 years? Round your answer to the nearest cent. Submit Question
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College