Question

A company will need $35,000 in 6 years for a new addition. To meet this goal, the company deposits money in an

account today that pays 6% annual interest compounded quarterly. Find the amount that should be invested to
total $35,000 in 6 years.
The company should invest $ .
(Round to the nearest dollar as needed and show work!)

Answer 1

47,600 or 22,400

Explanation:

35,000 * 0.06 * 6 = 12,600

12,600 + 35,000 = 47,600

or

35,000 - 12,600 = 22,400