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Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $120,000 3-years from now. How much must Shane deposit to accomplish his goal
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Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $120,000 3-years from now. How much must Shane deposit to accomplish his goal

User Jacek Grobelny
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5.3k points

1 Answer

3 votes

Answer:

84165.59

Step-by-step explanation:


12000=x(1+(.06)/(2))^(2*6)\\.(120000)/((1.03)^(12))=84165.58562

which we will round to 84165.59

User GodsCrimeScene
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4.9k points
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