SOLUTION: Roy Gross is considering an investment that pays 5.30 percent. How much will he have to invest today so that the investment will be worth $29,000 in six years? (If you solve this p

Question 1080902: Roy Gross is considering an investment that pays 5.30 percent. How much will he have to invest today so that the investment will be worth $29,000 in six years? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+.053)^6, which assumes annual compounding.
29000=Po*1.3632 to 4 decimal places
divide by 1.3632
Po=$21,272.95
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