19-07-2017
Mathematics

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$3000 in five years at 4% 4 times a year how much should Tracey deposit

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Aliwohaish12 Aliwohaish12

19-07-2017

Use the compound interest formula to solve this question.
The formula is
A=p (1+r/k)^kt
A future value 3000
P amount deposited?
R interest rate 0.04
K compounded 4 times
T time 5years
Solve the formula for p
P=A÷(1+r/k)^kt
P=3,000÷(1+0.04÷4)^(4×5)
p=2,458.63

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