Tera N.

asked • 07/21/19

Monthly compounding word problem

Jane Roznowski wants to invest some money now to buy a new tractor in the future. If  she wants to have

​$325,000 available in 6 years, how much does she need to invest now in a CD paying

4.85% interest compounded monthly?


I already have the formula and have seen examples with other numbers but cannot understand how they got the answer..... I just need the answer so I can turn in my homework and be done with this class HELP!!

1 Expert Answer

By:

K.J. P. answered • 07/21/19

Tutor
4.9 (723)

Statistics teacher

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.