Tuesday
March 28, 2017

Post a New Question

Posted by on .

Bobby needs to save $10,000 for school in the next two years. He found a bank that offers a 10% interest rate compounded annually. What does he need to deposit at the beginning of the year to have enough money for school?

  • Compund Interest - ,

    x(1.10)^2 = 10000
    x = 10000/1.1^2 = 8264.46

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question