SOLUTION: How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% interest compounded quarterly. Round your answer

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Question 1166602: How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% interest compounded quarterly. Round your answer to the nearest cent.
$_____
Found 2 solutions by ikleyn, josgarithmetic:
Answer by ikleyn(52786)   (Show Source):
You can put this solution on YOUR website!
.

When in the post I see a fragment like this " $_____ ",

for me it is the same as the sign

              STOP
        WRONG WAY

for a driver.

Answer by josgarithmetic(39617)   (Show Source):
You can put this solution on YOUR website!
Yearly interest, 7%
Quarterly interest, % or 1.75%
5 years is 20 compounding periods.
x, initial one time deposit to earn interest

Solve this for x.