How much money must you invest today at 8% compounded quarterly so that your investment will be worth $500,000 in 30 years? Please round your answer to the nearest cent. Calculator

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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How much money must you invest today at 8% compounded quarterly so that your investment
will be worth $500,000 in 30 years? Please round your answer to the nearest cent.
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Transcribed Image Text:How much money must you invest today at 8% compounded quarterly so that your investment will be worth $500,000 in 30 years? Please round your answer to the nearest cent. I Calculator > Next Question MacBook Air 80 888 F4 F3 F5 F6 F7 FB F9 F1 F2 & 2$ 4 @ #3 2 5 8 9 W E Y
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