Question

Hildegard wants to have $24,000 in 15 months. About how much should she put into a 15-month CD that earns simple interest of 6.4% a year calculated quarterly in order to reach her goal

Answer 1

A=p(1+i/k)^kn
24000=p(1+0.064/4)^4*15/12
24000=p(1.016)^5
P=24000/(1.016)^5
P=22,168.83

Answer 2

22,222.22

Explanation:

Apex good luck :)