4. Use the formula to calculate the answer to this problem. Show your work. You will...
4.
Use the formula
to calculate the answer to this problem. Show your work. You will not get full credit unless you show
me the steps you took in using the formula to get the answer.
Colin needs $20,000 to start a catering business. Colin can get 4.25% interest on the money, compounded annually. If
he adds no more to the account, how much should he put in the account today to start his catering business in four years?
Homework Answers
Desired sum = $20,000
Interest rate = 4.25%
Time period = 4 years
Amount deposited = Desired sum / (1 + Interest rate)^Time
period
Amount deposited = $20,000 / 1.0425^4
Amount deposited = $16,932.68
So, Colin should deposit $16,932.68 today in order to have $20,000 in four years.
Add Answer to:
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