SOLUTION: How much should be deposited in an account paying 2.5% interest, compounded quarterly, in order to have a balance of $6000 after 32 years and 9 months?
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Question 717738: How much should be deposited in an account paying 2.5% interest, compounded quarterly, in order to have a balance of $6000 after 32 years and 9 months?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
6000=P(1+0.025/4)^4*32.75
6000=P(1.00625)^131
6000=P(2.2619)
6000/2.2619=P
P=$2652.64
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