SOLUTION: If James needs $15,000 for his new car. How much does he have to invest now in a 36-month CD that has a rate of 3.75% compounded quarterly?

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Question 138282: If James needs $15,000 for his new car. How much does he have to invest now in a 36-month CD that has a rate of 3.75% compounded quarterly?
Answer by stanbon(48558) About Me  (Show Source):
You can put this solution on YOUR website!
If James needs $15,000 for his new car. How much does he have to invest now in a 36-month CD that has a rate of 3.75% compounded quarterly?
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15000 = P(1 + (0.0375/4))^(4*3)
15000 = P(1.009375)^(12)
P = 15000/1,118486
P = $13,410.99
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Probably the answer is $13,411.00
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Cheers,
Stan H.