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You're planning to make a one-time deposit into an account paying 8.3% annual interest,
compounded semiannually. You want to have $76,500 at the end of 6 years.
How much do you need to deposit today to make this happen?
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Let X be the value under the problem's question, now unknown.
Then we have THIS equation for the future value
76500 = .
It gives us the ANSWER
X = = use your calculator = 46962.39 dollars (rounded to the closest greater cent).
Solved.
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For more details and explanations, and to see other similar and different solved problems, look into these two lessons
- Compounded interest percentage problems
- Problems on discretely compound accounts
in this site, and learn the subject from there.
After reading these lessons, you will tackle such problems on your own without asking for help from outside.