Alpha Geek

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    Polytechnic State University Sanluis
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    Polytechnic State University
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Category > Accounting Posted 30 Apr 2017 My Price 2.00

You need $30,750 at the end of eight years

You need $30,750 at the end of eight years, bank is offering 12 percent interest on your deposit (compounded anually). How much amount you should deposit?

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 30 Apr 2017 07:04 AM My Price 2.00

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file 1493538659-answer1.docx preview (38 words )
Y-----------ou -----------nee-----------d $-----------30,-----------750----------- at----------- th-----------e e-----------nd -----------of -----------eig-----------ht -----------yea-----------rs,----------- ba-----------nk -----------is -----------off-----------eri-----------ng -----------12 -----------per-----------cen-----------t i-----------nte-----------res-----------t o-----------n y-----------our----------- de-----------pos-----------it -----------(co-----------mpo-----------und-----------ed -----------anu-----------all-----------y).----------- ho-----------w m-----------uch----------- am-----------oun-----------t y-----------ou -----------sho-----------uld----------- de-----------pos-----------it?----------- A-----------nsw-----------er ----------- Am-----------oun-----------t =----------- P*-----------(1+-----------r)^-----------8 -----------Amo-----------unt----------- = -----------30,-----------750----------- P----------- =?----------- r----------- = -----------12%----------- P----------- = -----------Amo-----------unt-----------/(1-----------+r)-----------^8 ----------- =3-----------075-----------0/1-----------.12-----------^8 ----------- P -----------= $----------- 12-----------,41-----------9.4-----------1 -----------  ----------- -----------
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