The Elders hope to accumulate 8000 for a sunroom over the next 8 years. How much would they need to invest right now at 3.4% compounded quarterly to reach that goal? Do not round any intermediate computations. Round your answer to the nearest cent.

Solución

Solución

Principal : 6101.84

Pasos de solución

Translate the problem into an equation:

8000 = P (1 + \frac{0.034}{4})^{4 \cdot 8}

Resolver para

P, 8000 = P (1 + \frac{0.034}{4})^{4 \cdot 8} : P = 6101.84

Principal : 6101.84

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