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How to find the account balance

How to find the account balance-example-1
User Hugo Vares
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1 Answer

4 votes

9514 1404 393

Answer:

$163,002

Explanation:

If you're working problems of this sort, you have been shown formulas and examples. Use the appropriate formula with the numbers of this problem.

For the formula below, you have d=3000, r=0.045, k=4, N=11

P = (3000)(1 -(1 +0.045/4)^(-11·4))/(0.045/4) ≈ 163,002

The account needs to hold about $163,002 to make this possible.

How to find the account balance-example-1
User Nail
by
6.4k points
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