SOLUTION: decides to invest with EASTPAK bank. how much will mike have to invest if he wants to have a sum of $8000 in four years time?
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Question 986183: decides to invest with EASTPAK bank. how much will mike have to invest if he wants to have a sum of $8000 in four years time?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
If the rate of interest expressed as a decimal is 
and the number of compounding periods per year is 
then the amount required to invest as a single payment at the beginning of the four year period is:
^{4n}})
Plug in your numbers and do the arithmetic.
John
My calculator said it, I believe it, that settles it
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