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Mike needs $41,300 to purchase a boat. How much money will he need to invest today in a savings account earning 3.7% interest, compounding quarterly, to have enough money to pur…

Mike needs $41,300 to purchase a boat. How much money will he need to invest today in a savings account earning 3.7% interest, compounding quarterly, to have enough money to pur…
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Mike needs $41,300 to purchase a boat. How much money will he need to invest today in a savings account earning 3.7% interest, compounding quarterly, to have enough money to purchase the boat in 15 years.

User Natemcmaster
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1 Answer

6 votes
Subtract the interest and the need then divide with 15
User Jim K
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