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?
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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 semi-annually, then n = 2; quarterly, then n = 4; monthly, then n = 12; weekly, then n = 52; daily, then n = 365;