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anonymous
 3 years ago
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?
anonymous
 3 years ago
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?

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anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0I don't have the calculator to do the exponents, but I can help you out to that point.

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0The equation I looked up said A = P(1 + r/n) ^nt

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0A 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 \[19700=P(1+\frac{ .1 }{ 2 })^{2(5)}\]

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0Your welcome, but just in case it gave me another equation to help with this. Do you think you will need it?

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0\[\frac{ A }{ (1+\frac{ r }{ n })^{nt} }=P\]
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