Find how much money needs to be deposited now into an account to obtain $3,900 in 6 years if the interest rate is 8% per year compounded quarterly (4 time(s) per year). Round your answer to the nearest cent.
Find how much money needs to be deposited now into an account to obtain $3,900 in 6 years if the interest rate is 8% per year compounded quarterly (4 time(s) per year). Round your answer to the nearest cent.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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