Posted by **Maame** on Saturday, May 26, 2012 at 10:54am.

Rico can invest money at 10%/a compounded quarterly. He would like

$15 000 in 10 years. How much does he need to invest now?

- MATH -
**Maame**, Saturday, May 26, 2012 at 11:04am
PV = A( 1+i)^n

=15,000(1+0.025)^-40

=$5586.46

- MATH -
**drwls**, Saturday, May 26, 2012 at 11:09am
The balance gets multiplied bu 1.025 forty times.

X*(1.025)^40 = 15,000.

2.685063838X = 15,000.

X = $ 5586.46

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