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greenisthecolour
Group Title
Jackie Rich would like to buy a $19,700 Toyota hybrid car in 5 years. Jackie wants to put the money aside now. Jackie’s bank offers 10% interest compounded semiannually.
How much must Jackie invest today?
 one year ago
 one year ago
greenisthecolour Group Title
Jackie Rich would like to buy a $19,700 Toyota hybrid car in 5 years. Jackie wants to put the money aside now. Jackie’s bank offers 10% interest compounded semiannually. How much must Jackie invest today?
 one year ago
 one year ago

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RoseyPlum13 Group TitleBest ResponseYou've already chosen the best response.0
I don't have the calculator to do the exponents, but I can help you out to that point.
 one year ago

RoseyPlum13 Group TitleBest ResponseYou've already chosen the best response.0
The equation I looked up said A = P(1 + r/n) ^nt
 one year ago

RoseyPlum13 Group TitleBest ResponseYou've already chosen the best response.0
A is for ending amount so 19700 P is beginning amount which is unknown r is interest rate (as decimal) so .1 n is number of compounds a year, so 2 t is total number of years \[19700=P(1+\frac{ .1 }{ 2 })^{2(5)}\]
 one year ago

greenisthecolour Group TitleBest ResponseYou've already chosen the best response.0
thank you so much!
 one year ago

RoseyPlum13 Group TitleBest ResponseYou've already chosen the best response.0
Your welcome, but just in case it gave me another equation to help with this. Do you think you will need it?
 one year ago

RoseyPlum13 Group TitleBest ResponseYou've already chosen the best response.0
\[\frac{ A }{ (1+\frac{ r }{ n })^{nt} }=P\]
 one year ago
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