SOLUTION: Smith trucking will have a 40,000 payment due in 5 years how much would they need to invest quarterly in a fund paying 8%

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Question 1075872: Smith trucking will have a 40,000 payment due in 5 years how much would they need to invest quarterly in a fund paying 8%
Found 2 solutions by rfer, MathTherapy:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
40000=p(1+0.08/5)
40000=p(1.016)^5
40000=p(1.0826)
40000/1.0826=p
p=36,949.00

Answer by MathTherapy(10557) About Me  (Show Source):
You can put this solution on YOUR website!
Smith trucking will have a 40,000 payment due in 5 years how much would they need to invest quarterly in a fund paying 8%
Correct answer: highlight_green%28%22%241%2C646.27%22%29