SOLUTION: Marry Johnson wants to save $60000 for home improvement projects. If the Bank is paying 8% compounded quarterly, how much must she deposit now to have the money for the project?

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Question 881324: Marry Johnson wants to save $60000 for home improvement projects. If the Bank is paying 8% compounded quarterly, how much must she deposit now to have the money for the project?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount 6000
P= principal =
r= annual rate = .08
n= periods per year = 4
t= years = ???
Need t to solve for P