SOLUTION: Assume that Catherine needs P650,000 ten years from now. How much should Catherine deposit today in an account that pays 6.5% interest, compounded quarterly to reach the required a

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Question 913685: Assume that Catherine needs P650,000 ten years from now. How much should Catherine deposit today in an account that pays 6.5% interest, compounded quarterly to reach the required amount?
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
P= principal =
r= annual rate = .
n= periods per year =
t= years =
650000+=P%281.0065%29%5E%2840%29
650000%2F%281.0065%29%5E%2840%29+=+P+