Question

help please its my last one!

Answer 1

Using compound interest, it is found that they must deposit $9,143.47 in order to have the desired amount.

What is compound interest?

The amount of money earned, in compound interest, after t years, is given by:

$A(t) = P\left(1 + \frac{r}{n}\right)^{nt}$

In which:

• A(t) is the amount of money after t years.

• P is the principal(the initial sum of money).

• r is the interest rate(as a decimal value).

• n is the number of times that interest is compounded per year.

For this problem, the parameters are:

A(15) = 30000, r = 0.08, n = 4

Then we solve for P to find the initial deposit:

$A(t) = P\left(1 + \frac{r}{n}\right)^{nt}$

$30000 = P\left(1 + \frac{0.08}{4}\right)^{4 \times 15}$

$P = \frac{30000}{(1.02)^{60}}$

P = $9,143.47.

More can be learned about compound interest at https://brainly.com/question/25781328

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