Moxie wants to have $5000. How much money does she have to deposit in an account at 6% interest, compounded 3 times per year, in order to have $5000 at the end of 4 years?

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Bsrykt · Answer 1 · 2018-11-11T03:05:34+0000

Answer:

I think the answer is 3942.47.

Explanation:

5000÷(1+0.06/3)^(3*4)

=3942.4658...

once rounded to to nearest hundredth it is 3942.47.

Icebat · Answer 2 · 2018-11-14T08:31:26+0000

your future amount is 5000r is the interest rate as a decimaln is the number of periods

Solve this equation for xx(1.02)12=5000