SOLUTION: Suppose you want to have $1,000,000 in 18 years. To achieve this goal,how much would you have to invest today if you can earn 4.9% compounded quarterly? Round to the nearest doll

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Question 1004531: Suppose you want to have $1,000,000 in 18 years. To achieve this goal,how much would you have to invest today if you can earn 4.9% compounded quarterly? Round to the nearest dollar.
Answer by josgarithmetic(39623) About Me  (Show Source):
You can put this solution on YOUR website!
The quarterly rate is 4.9%2F4=1.225 percent.

p is for how much to invest now, and the number of quarter periods is 18%2A4=72 periods.

p%2A%281.01225%29%5E72=1000000
and you can use logarithm if you want.

p=1000000%2F%281.01225%29%5E72
highlight%28p=416178%29