SOLUTION: Smith trucking will have a 40,000 payment due in 5 years how much would they need to invest quarterly in a fund paying 8%

Question 1075872: Smith trucking will have a 40,000 payment due in 5 years how much would they need to invest quarterly in a fund paying 8%
Found 2 solutions by rfer, MathTherapy:
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
40000=p(1+0.08/5)
40000=p(1.016)^5
40000=p(1.0826)
40000/1.0826=p
p=36,949.00
Answer by MathTherapy(10557) (Show Source): You can put this solution on YOUR website!
Smith trucking will have a 40,000 payment due in 5 years how much would they need to invest quarterly in a fund paying 8%

Correct answer:
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