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Advanced MathQ&A LibraryUse the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is$120,000 after7 years invested in an account with4% interest compoundedquarterly.Whats the amount to be invested now or the present value needed? (round to the nearest cent)Question

Asked Sep 2, 2019

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Use the present value formula to determine the amount to be invested now, or the present value needed.

The desired accumulated amount is$120,000 after

7 years invested in an account with

4% interest compounded

quarterly.

Whats the amount to be invested now or the present value needed? (round to the nearest cent)

Step 1

__Given information:__

Accumulated amount (*A*)= $120,000

Rate of interest (*r*) = 4% = 0.04

Number of years (*t*) = 7

Compounded quarterly (*n*) = 4

Step 2

Compound interest...

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