SOLUTION: How much money should be invested every quarter at 10% per year compounded quarterly to have $12,000 in one year?
Algebra.Com
Question 442525: How much money should be invested every quarter at 10% per year compounded quarterly to have $12,000 in one year?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
12000=P(1+0.1/4)^4
12000=P(1.025)^4
12000=P*1.10381
P=12000/1.10381
P=10,871.44
RELATED QUESTIONS
A local university is planning to invest $500,000 every 3 months in an investment which... (answered by CPhill)
A local university is planning to invest $500,000 every 3 months in an investment which... (answered by Theo)
a local university is planning to invest $ 500,000 every 3 months in an investment which... (answered by ikleyn)
A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)
A mortgage of 100,000 for a set of appliances is to be amortized with equal payments... (answered by Theo)
How much money should be invested at 5% compounded quarterly for
20 years so that you... (answered by ikleyn)
How much money should be invested at 5% compounded quarterly for
20 years so that you... (answered by ikleyn)
How much should be invested now at 2.6% compounded semiannually to have $37,000 in 10... (answered by Solver92311,ikleyn)
A major shipping company is planning to purchase new cargo ships. It wants to borrow... (answered by solver91311)