math

Approximately how much principal would need to be placed into an account earning 3.575% interest compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?

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  1. .03575/4 = .0089375 per quarter year
    30 * 4 = 120 compoundings

    V = Vi (1.0089375)^120
    68,000 = Vi (2.90878 )
    Vi = 23,377.45

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    posted by Damon

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