SOLUTION: I need help with this question. I have puzzled my brain for too long. How much should be invested at 8% compounded semiannually in order to have $5000 at the end of 8 years. T

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Question 108282: I need help with this question. I have puzzled my brain for too long.
How much should be invested at 8% compounded semiannually in order to have $5000 at the end of 8 years. Thanks,
Answer by scott8148(6628) About Me  (Show Source):
You can put this solution on YOUR website!
there are 16 compounding periods at 4% each ... let x="amount invested"

5000=x(1.04)^16