SOLUTION: Sonji wants to have $14,000 in 13 years. Calculate how much she should invest now at 6% interest, compounded semiannually in order to reach this goal.

SOLUTION: Sonji wants to have $14,000 in 13 years. Calculate how much she should invest now at 6% interest, compounded semiannually in order to reach this goal.

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Question 798507: Sonji wants to have $14,000 in 13 years. Calculate how much she should invest now at 6% interest, compounded semiannually in order to reach this goal.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
14000=P(1+0.06/2)^2*13
14000=P(1.03)^26
14999=P*2.1566
14000/2.1566=P
P=$6492.00
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