Question

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

Answer 1

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