SOLUTION: Please Help: Find the amount that should be invested now to accumulate the following amount, if the money is compounded as indicated. $7100 at 5% compounded quarterly for 10 yr

Algebra ->  Equations -> SOLUTION: Please Help: Find the amount that should be invested now to accumulate the following amount, if the money is compounded as indicated. $7100 at 5% compounded quarterly for 10 yr      Log On


   

Question 201894: Please Help:
Find the amount that should be invested now to accumulate the following amount, if the money is compounded as indicated.
$7100 at 5% compounded quarterly for 10 yr
A) $2780.27
B) $11,669.70
C) $4319.73
D) $4358.78
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
P=A/(1+r/n)^nt
P=7100/(1+.05/4)^40
P=7100/(1.0125)^40
P=7100/1.643619463
P=4319.73 (C)