SOLUTION: How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% interest compounded quarterly. Round your answer

Question 1166602: How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% interest compounded quarterly. Round your answer to the nearest cent.
$_____
Found 2 solutions by ikleyn, josgarithmetic:
Answer by ikleyn(52786)   (Show Source): You can put this solution on YOUR website!
.

When in the post I see a fragment like this " $_____ ",

for me it is the same as the sign

              STOP
        WRONG WAY

for a driver.

Answer by josgarithmetic(39617)   (Show Source): You can put this solution on YOUR website!
Yearly interest, 7%
Quarterly interest, % or 1.75%
5 years is 20 compounding periods.
x, initial one time deposit to earn interest

Solve this for x.
RELATED QUESTIONS
How much would you need to deposit in an account now in order to have $20,000 in the... (answered by Alan3354)
How much would you need to deposit in an account now in order to have $4000 in the... (answered by Boreal)
How much would you need to deposit in an account now in order to have $4000 in the... (answered by ikleyn)
How much would you need to deposit in an account now in order to have $4000 in the... (answered by josgarithmetic)
How much would you need to deposit in an account now in order to have $20000 in the... (answered by Fombitz)
How much would you need to deposit in an account now in order to have $3000 in the... (answered by math_tutor2020)
How much would you need to deposit in an account now in order to have $5000 in the... (answered by josgarithmetic)
how much would you need to deposit in an account now in order to have $4,000.00 in the... (answered by galactus)
How much would you need to deposit in an account now in order to have $6000 in the... (answered by VFBundy)