SOLUTION: An investment company pays 9% compounded semiannually. You want to have $13000 in the future. How much should you deposit now to have that amount 5 years from now?
Algebra.Com
Question 311648: An investment company pays 9% compounded semiannually. You want to have $13000 in the future. How much should you deposit now to have that amount 5 years from now?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An investment company pays 9% compounded semiannually. You want to have $13000 in the future. How much should you deposit now to have that amount 5 years from now?
-------------
A(t) = P(1+(r/n))^(nt)
---
13000 = P(1+(0.09/2))^(2*5)
13000 = P(1.045)^10
13000 = P(1.553)
P = $8371.06
===================
Cheers,
Stan H.
RELATED QUESTIONS
An investment company pays 9% compounded semiannually. You want to have 19,000 in the... (answered by ikleyn)
An investment company pays 9% compounded semiannually. You want to have $21,000 in the... (answered by josgarithmetic,ikleyn)
An investment company pays 6% compounded semiannually. You want to have 24,000 in the... (answered by rfer)
An investment company pays 6% compounded semiannually. You want to have $ 11 comma 000 (answered by josmiceli)
An investment company pays 8% compounded semiannually. You want to have $22000 in the... (answered by josmiceli)
An investment company pays 6 %compounded semiannually. You want to have $ 23000
in the... (answered by addingup)
An investment company pays 7% compounded semiannually. You want to have $16,000 in (answered by mathmate)
an invested company pays 5% interest compounded semiannually. you want to have $16000 in... (answered by stanbon,checkley77)
an investment pays 7% compound semiannually. You want to have $ 19000.00 in the future , (answered by rfer)