# SOLUTION: A company will need \$60,000.00 in 5 years for a new addition. To meet this goal, the company deposits money in an account today that pays 3% annual interest compounded quarterly. F

Algebra ->  Algebra  -> Percentage-and-ratio-word-problems -> SOLUTION: A company will need \$60,000.00 in 5 years for a new addition. To meet this goal, the company deposits money in an account today that pays 3% annual interest compounded quarterly. F      Log On

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 Question 463691: A company will need \$60,000.00 in 5 years for a new addition. To meet this goal, the company deposits money in an account today that pays 3% annual interest compounded quarterly. Find the amount that should be invested to total \$60,000.00 in 5 yearsAnswer by robertb(4012)   (Show Source): You can put this solution on YOUR website!From the formula for future value, , and substituting the respective values, , or , or , we get P = 51,671.39.