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anonymous
 one year ago
How much would you need to deposit in an account now in order to have $20,000 in the account in 4 years? Assume the account earns 5% interest.
anonymous
 one year ago
How much would you need to deposit in an account now in order to have $20,000 in the account in 4 years? Assume the account earns 5% interest.

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0do u think it will b more or less than 20,000?

Vocaloid
 one year ago
Best ResponseYou've already chosen the best response.0A = P(1+r)^t let A = 20,000, r = 0.05, and t = 4 solve for P

Vocaloid
 one year ago
Best ResponseYou've already chosen the best response.0more specifically... (total money) = (money deposited)(1+interest/100)^time

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.2If you need more time, let's change vocaloid's equation a little bit beginning money = [total money] / [(1.05)^4] Can you solve that now?

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.2Do you know how to raise a number to a power? Part of that equation is asking you to raise 1.05 to the 4th power. Can you do that?

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.2What is 1.05 to the 4th power?

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.2Yes So according to the equation, you get 20,000 and divide it by 1.215

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.2To be even more exact, 1.05^4 = 1.21550625 and so the starting money would be 16,454.05
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