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Popular Word Problems >

The Elders hope to accumulate 8000 for a sunroom over the next 8 years. How much would they need to invest right now at 3.4% compounded quarterly to reach that goal? Do not round any intermediate computations. Round your answer to the nearest cent.

Solución

T h e El d ers h o p e t o a cc u m u l a t e 8000 f or a s u n roo m o v er t h e n e x t 8 ye a rs . Ho w m u c h w o u l d t h ey n ee d t o in v es t r i g h t n o w a t 3.4% co m p o u n d e d q u a r t er l y t o re a c h t ha t g o a l ? 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 . R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solución

Principal : 6101.84

Pasos de solución

Translate the problem into an equation:

8000 = P (1 + \frac{0.034}{4})^{4 \cdot 8}

Resolver para

P, 8000 = P (1 + \frac{0.034}{4})^{4 \cdot 8} : P = 6101.84

Principal : 6101.84

Ejemplos populares

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