SOLUTION: An investment company pays 6% compounded semiannually. You want to have 24,000 in the future. How much should you deposit now to have that amount 5 years from now?
Algebra.Com
Question 512512: An investment company pays 6% compounded semiannually. You want to have 24,000 in the future. How much should you deposit now to have that amount 5 years from now?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
24000=P(1+0.06/2)^2*5
24000=P(1.03)^10
24000=P(1.3439)
24000/1.3439=P
P=$17,858.47
RELATED QUESTIONS
An investment company pays 6% compounded semiannually. You want to have $ 11 comma 000 (answered by josmiceli)
An investment company pays 9% compounded semiannually. You want to have $21,000 in the... (answered by josgarithmetic,ikleyn)
An investment company pays 9% compounded semiannually. You want to have $13000 in the... (answered by stanbon)
An investment company pays 9% compounded semiannually. You want to have 19,000 in the... (answered by ikleyn)
An investment company pays 8% compounded semiannually. You want to have $22000 in the... (answered by josmiceli)
An investment company pays 6 %compounded semiannually. You want to have $ 23000
in the... (answered by addingup)
If an investment company pays 6% compounded semiannually, how much should you deposit... (answered by Theo)
An investment company pays 7% compounded semiannually. You want to have $16,000 in (answered by mathmate)
an invested company pays 5% interest compounded semiannually. you want to have $16000 in... (answered by stanbon,checkley77)