document.write( "Question 1149208: How much money should Jordan deposit into an account today, at 2.9% interest compounded quarterly, so that it will yield payments of $1000 at the end quarter for the next 8 years? \n" ); document.write( "

Algebra.Com's Answer #770558 by josmiceli(19441) $\"\"$ $\"About$

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$\"+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28+n%2At+%29+\"$
\n" ); document.write( " $\"+A+=+4%2A8%2A1000+\"$
\n" ); document.write( " $\"+A+=+32000+\"$
\n" ); document.write( "----------------------
\n" ); document.write( " $\"+r+=+.029+\"$
\n" ); document.write( " $\"+n+=+4+\"$
\n" ); document.write( " $\"+t+=+8+\"$
\n" ); document.write( "----------------------
\n" ); document.write( " $\"+32000+=+P%28+1+%2B+.029%2F4+%29%5E%28+4%2A8+%29+\"$
\n" ); document.write( " $\"+32000+=+P%2A1.00725%5E32%0D%0A%7B%7B%7B+32000+=+1.26006P+\"$
\n" ); document.write( " $\"+P+=+25395.52+\"$
\n" ); document.write( "$25,395.52 should be deposited
\n" ); document.write( "------------------------------------
\n" ); document.write( "check:
\n" ); document.write( " $\"+A+=+25395.52%2A%28+1+%2B+r%2Fn+%29%5E%28+n%2At+%29+\"$
\n" ); document.write( " $\"+A+=+P%2A1.00725%5E32+\"$
\n" ); document.write( " $\"+A+=+1.26006%2A25395.52+\"$
\n" ); document.write( " $\"+P+=+31999.88+\"$
\n" ); document.write( "error due to rounding off
\n" ); document.write( "OK \n" ); document.write( "

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