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.find the amount that should be invested to total 50,000 in 7 years.

a company will need 50,000 in 7 years for a new addition. To met this goal, the company deposits money in an account today that pays 4% annual intrest compounded quarterly. find the amount that should be invested to total 50,000 in 7 year

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Melissa P. | Effective and Patient Tutor Specializing in Childhood EducationEffective and Patient Tutor Specializing...
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You need to use the compounding quarterly formula: A=P(1+r/n)nt
Where P is your starting amount, R is your interest rate, N is the number of compounds per year (4 compounds since it is quarterly) and T is time or amount of years.
 
A=50,000(1+0.4/4)4x7=28
A=50,000(1+0.1)28
A=50,000(1.01)28
A=50,000(1.32)
A=$66,064.55