A company will need $35,000 in 8 years for a new addition. To meet this goal, the company deposits money in an account today that pays 6% annual interest compounded quarterly. Find the amount that should be invested to total $35,000 in 8 years.
I know the formula is
A=P(1+.06/4)^8
A=35000(1+.015)^8
A=35000(1.015)^8
A=35000(1.1264925866)
A=39427 (rounded to nearest dollar) Is this correct?

Hey! We 've verified this expert answer for you, click below to unlock the details :)

I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!

The formula is:
\[A=P(1+\frac{r}{n})^{nt}\]

That's what I did I thought A=35000(1+6%/4)^8(years)

the 6%/4(quarterly)

Looking for something else?

Not the answer you are looking for? Search for more explanations.

## More answers

Looking for something else?

Not the answer you are looking for? Search for more explanations.