Lena is going to invest to help with a down payment on a home. How much would she have to invest to have 54,300 after 6 years, assuming an interest rate of 1.63% compounded quarterly?Do not round any intermediate computations, and round your final answer to the nearest dollar. If necessary, refer to the list of financial formulas.

Soluzione

L e na i s g o in g t o in v es t t o h e lp w i t h a d o w n p a y m e n t o n a h o m e . Ho w m u c h w o u l d s h e ha v e t o in v es t t o ha v e 54, 300 a f t er 6 ye a rs, a ss u min g an in t eres t r a t e o f 1.63% co m p o u n d e d q u a r t er l y ? Do n o t ro u n d an y in t er m e d ia t e co m p u t a t i o n s, an d ro u n d yo u r f ina l an s w er t o t h e n e a res t d o ll a r . I f n ecess a ry, re f er t o t h e l i s t o f f inan c ia l f or m u l a s .

Principal : 49250.67

Fasi della soluzione

Translate the problem into an equation:

54300 = P (1 + \frac{0.0163}{4})^{4 \cdot 6}

Risolvi per

P, 54300 = P (1 + \frac{0.0163}{4})^{4 \cdot 6} : P = 49250.67

Principal : 49250.67