anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
I don't have the calculator to do the exponents, but I can help you out to that point.
anonymous
  • anonymous
The equation I looked up said A = P(1 + r/n) ^nt
anonymous
  • anonymous
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 \[19700=P(1+\frac{ .1 }{ 2 })^{2(5)}\]

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anonymous
  • anonymous
thank you so much!
anonymous
  • anonymous
Your welcome, but just in case it gave me another equation to help with this. Do you think you will need it?
anonymous
  • anonymous
\[\frac{ A }{ (1+\frac{ r }{ n })^{nt} }=P\]

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