SOLUTION: How much money should be invested every quarter at 10% per year compounded quarterly to have $12,000 in one year?

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Question 442525: How much money should be invested every quarter at 10% per year compounded quarterly to have $12,000 in one year?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
12000=P(1+0.1/4)^4
12000=P(1.025)^4
12000=P*1.10381
P=12000/1.10381
P=10,871.44