A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
Financial Math Question, will fan and medal! Please help really need it!
Aaron needs $17,450 to purchase a motorcycle. How much money will hennaed to invest today in a savings account earning 3.8% interest, compounding monthly, to have enough money to purchase the boat in six yesars?
A. $1,190.11
B. $11,075.97
C. $13,897.37
D. $17,056.70
anonymous
 one year ago
Financial Math Question, will fan and medal! Please help really need it! Aaron needs $17,450 to purchase a motorcycle. How much money will hennaed to invest today in a savings account earning 3.8% interest, compounding monthly, to have enough money to purchase the boat in six yesars? A. $1,190.11 B. $11,075.97 C. $13,897.37 D. $17,056.70

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0A=P(1+r/n)^nt A is the ending amount, P is the beginning amount, r is the interest rate (expressed as a decimal), n is the number of compoundings a year, t is the total number of years. If interest is compounded yearly, then n = 1; if semiannually, then n = 2; quarterly, then n = 4; monthly, then n = 12; weekly, then n = 52; daily, then n = 365;

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0solve for P P=A/(1+r/n)^nt

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0A=17450 r=3.8/100 n=12 t=6
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.