Question

how much should you deposit in a bank paying 2% compounded quarterly to accumulate an amount of 80,000 in 5 years and 9 months ?​

Answer 1

⎝ ⎠ Plug in the given information. P = 7007.08 Round your final answer to two decimals places. You would need to deposit $7007.08 to have $12000 in 6 years.

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Answer 2

$Aɳʂɯҽɾ⤵$

The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn [latex]\frac{3%}{12}[/latex]= 0.25% per month.

In the first month,

• P0 = $1000
• r = 0.0025 (0.25%)
• I = $1000 (0.0025) = $2.50
• A = $1000 + $2.50 = $1002.50

In the first month, we will earn $2.50 in interest, raising our account balance to $1002.50.

In the second month,

• P0 = $1002.50
• I = $1002.50 (0.0025) = $2.51 (rounded)
• A = $1002.50 + $2.51 = $1005.01

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