Wednesday

July 23, 2014

July 23, 2014

Posted by **Nicole** on Sunday, November 15, 2009 at 12:56pm.

- math -
**drwls**, Sunday, November 15, 2009 at 1:41pmRequire that X*(1.025)^16 = 15,000.

X is the initial amount that you will need to invest.

The 1.025 is the factor by which balance increases by every 3 months. It does this 16 times in 4 years.

You can use logs to get the answer. I will use base 10 logs. (The base does not matter, as long as you are consistent and use the same log base on both sides of the equation)

log 15000/X = 16 log 1.025 = 0.1715818

15,000/X = 1.4845056

X = $10,104.37

**Related Questions**

Math - Barbara knows that she will need to buy a new car in 2 years. The car ...

math - Barbara knows that she will need to buy a new car in 4 years. The car ...

math - Barbara knows that she will need to buy a new car in 4 years. The car ...

finance - Barbara wants to save money to meet 2 objectives: i. She would like to...

Math - A new car depreciates as soon as you drive it out of the parking lot. A ...

geometry - you are planning on purchasing a new car and have your eye on a ...

Math - (COMPOUND INTEREST) Effie is planning to set up a trust fund for her new ...

arithmetic sequences - a new car cost $13,000 and is depreciating by $900 each ...

Math - Stacy requires $3,000 in three years to make a down payment on a new car...

MATH - NEED EXTREME HELP!@#$%^a rule of thumb used by car dealers is that the ...