jesie deposits money into his acount that pays 4.5% anual intrest compounded quartlery what should he deposits so that the balance is 2,00 in 5 years

Answer 1

i=4.5%

Compounded Quarterly n=4 times per year

Amount=$2,000

t=5years

P=?

A=P(1+i/n)^n*t

P=A/(1+i/n)^n*t

P=$1,599.04