How much would you need to deposit in an account now in order to have $2000 in the account in 15 years? Assume the account earns 4% interest compounded quarterly. Round your answer to the nearest cent.

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.3: Geometric Sequences And Series
Problem 8ECP: An investor deposits $70 on the first day of each month in an account that pays 2 interest,...
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Chapter 5: Simple and Compound Interest - Homework
Score: 50.42/100 18/32 answered
Question 16
How much would you need to deposit in an account now in order to have $2000 in the account in 15 years?
Assume the account earns 4% interest compounded quarterly. Round your answer to the nearest cent.
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Transcribed Image Text:Chapter 5: Simple and Compound Interest - Homework Score: 50.42/100 18/32 answered Question 16 How much would you need to deposit in an account now in order to have $2000 in the account in 15 years? Assume the account earns 4% interest compounded quarterly. Round your answer to the nearest cent. Submit Question 國山TOO 14 80 F1 F2 F4 F5 F7 F8 @ # $ % & 2 3 4 5 7 8 Q W E R * CO 品:
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