SOLUTION: You wish to have $17,000 in 11 years. Find how much you should invest now at 12% interest, compounded quarterly in order to have $17,000, 11 years from now. Then calculate the amo

SOLUTION: You wish to have $17,000 in 11 years. Find how much you should invest now at 12% interest, compounded quarterly in order to have $17,000, 11 years from now. Then calculate the amo

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Question 361990: You wish to have $17,000 in 11 years. Find how much you should invest now at 12% interest, compounded quarterly in order to have $17,000, 11 years from now. Then calculate the amount of interest.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
17000=P(1+.12/4)^44
17000=P*3.671
P=17000/3.671
P=4631
-----------------
17000-4631=12,369 interest
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