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Jessica plans to purchase a car in one year at a cost of $30,000. how much should be invested in an account paying 10% compounded semiannually to have the funds needed?

Jessica plans to purchase a car in one year at a cost of $30,000. how much should be invested in an account paying 10% compounded semiannually to have the funds needed?
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Jessica plans to purchase a car in one year at a cost of $30,000. how much should be invested in an account paying 10% compounded semiannually to have the funds needed?

User Huytmb
by
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1 Answer

4 votes
The formula is
A=p (1+r/k)^kt
A fund needed 30000
p Amount invested?
R interest rate 0.1
K compounded semiannual 2
T time 1 year
Solve the formula for p to get
P=A÷(1+r/k)^kt
P=30,000÷(1+0.1÷2)^(2×1)
P=27,210.88
User Animatedgif
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7.6k points
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