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Mark knows that he will need to buy a new car in 5 years. The car will cost $15,000 by then. How much should he invest now at 8%, compounded quarterly, so that he will have enou…

Mark knows that he will need to buy a new car in 5 years. The car will cost $15,000 by then. How much should he invest now at 8%, compounded quarterly, so that he will have enou…
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Mark knows that he will need to buy a new car in 5 years. The car will cost $15,000 by then. How much should he invest now at 8%, compounded quarterly, so that he will have enough to buy a new car?

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User Martin Hauner
by
8.2k points

1 Answer

2 votes
x - initial investment
8% - annual rate

x·=15,000,

so x = 10094.54

ANSWER: $10,094.57
answered
User LukeP
by
8.8k points
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