You would like to have 5, 000.00 in a savings account after 5 years. Your savings account has a 9.5% interest rate, compounded quarterly. How much must you deposit in that account now to reach your goal?

Solution

Solution

Principal : 3126.74

étapes des solutions

Translate the problem into an equation:

5000 = P (1 + \frac{0.095}{4})^{4 \cdot 5}

Solutionner pour

P, 5000 = P (1 + \frac{0.095}{4})^{4 \cdot 5} : P = 3126.74

Principal : 3126.74

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