SOLUTION: How much money should be put in a savings account now that earns 6.0% a year compounded weekly if you want to have dollar-sign 50,000 in 15 years? Round your answer to two decim

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Question 907694: How much money should be put in a savings account now that earns 6.0% a year compounded weekly if you want to have dollar-sign 50,000 in 15 years?
Round your answer to two decimal places.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
How much money should be put in a savings account now that earns 6.0% a year compounded weekly if you want to have dollar-sign 50,000 in 15 years?
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A(t) = P(1+(r/n))^(nt)
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50,000 = P(1+(0.06/52))^(52*15)
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50,000 = P(2.4583)
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Ans: P = 50,000/2.4583 = $20,339.03
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Cheers,
Stan H.
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