SOLUTION: David would like to invest in an account that earns 3.7% interest compounded semiannually. If he wants to have $50,000 in the account 30 years from now, how much must David invest?

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Question 1081780: David would like to invest in an account that earns 3.7% interest compounded semiannually. If he wants to have $50,000 in the account 30 years from now, how much must David invest?
Answer by math_helper(2461) About Me  (Show Source):
You can put this solution on YOUR website!
+F+=+P+%2A+%281%2Br%2Fn%29%5E%28nt%29+
where:
F=future value
P=present value
r=rate (as a decimal)
n=number of compounding periods per year
t=number of years
————
+50000+=+P%281%2B%280.037%2F2%29%29%5E%282%2A30%29+
++50000+=+P%281.0185%29%5E60+
++50000+=+P%2A3.0037377+
++P+=+50000%2F3.0037377+
P = $ +highlight%28+16645.93+%29