SOLUTION: You need $15,000 in 2.5 years. How much should you invest today if you get 8% compounded semiannually? (solve using compound interest formula)

SOLUTION: You need $15,000 in 2.5 years. How much should you invest today if you get 8% compounded semiannually? (solve using compound interest formula)

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Question 1127199: You need $15,000 in 2.5 years. How much should you invest today if you get 8% compounded semiannually? (solve using compound interest formula)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
15000=Po(1+.04)^5, the .04 is the interest rate semiannually and the 5 are the number of compoundings in 2.5 years.
15000/(1.04^5)=$12,328.91
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