Question

Moxie wants to have $5000. How much money does she have to deposit in an account at 6% interest, compounded 3 times per year, in order to have $5000 at the end of 4 years?

Answer 1

I think the answer is 3942.47.

Explanation:

5000÷(1+0.06/3)^(3*4)

=3942.4658...

once rounded to to nearest hundredth it is 3942.47.

Answer 2

your future amount is 5000r is the interest rate as a decimaln is the number of periods

Solve this equation for xx(1.02)12=5000