Alex wants to have $3000 in his bank account after 4 years. If the account earns 6% interest compounded 2 times per year, how much should he put in? Round to the nearest cent. A. $2863.32 B. $2238.36 C.

asked Nov 2, 2018 164k views

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3000 = p( 1 + .06/2)^(4 * 2)

3000 = p(1.03)⁸

p = 3000/ 1.03⁸

p = 2368.2277029

$2368.23 <-----

Gurbela answered Nov 5, 2018

6.7k points

3 votes

3000 = p( 1 + .06/2)^(4 * 2)

3000 = p(1.03)⁸

p = 3000/ 1.03⁸

p = 2368.2277029

$2368.23 <-----

Tahseen answered Nov 9, 2018

8.2k points

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