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Rashon is going to invest in an account paying an interest rate of 6.9% compounded quarterly. How much would Rashon need to invest, to the nearest dollar, for the value of the account to reach 20,200 in 13 years?

Solution

Rashon is going to invest in an account paying an interest rate of 6.9% compounded quarterly. How much would Rashon need to invest, to the nearest dollar, for the value of the account to reach 20, 200 in 13 years?

Solution

Principal : 8300.63

Solution steps

Translate the problem into an equation:

20200 = P (1 + \frac{0.069}{4})^{4 \cdot 13}

Solve for

P, 20200 = P (1 + \frac{0.069}{4})^{4 \cdot 13} : P = 8300.63

Principal : 8300.63

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