SOLUTION: David would like to invest in an account that earns 3.7% interest compounded semiannually. If he wants to have $50,000 in the account 30 years from now, how much must David invest?
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Question 1081780: David would like to invest in an account that earns 3.7% interest compounded semiannually. If he wants to have $50,000 in the account 30 years from now, how much must David invest?
Answer by math_helper(2461) (Show Source): You can put this solution on YOUR website!
where:
F=future value
P=present value
r=rate (as a decimal)
n=number of compounding periods per year
t=number of years
————
P = $
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