anonymous
  • anonymous
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.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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muscrat123
  • muscrat123
do u think it will b more or less than 20,000?
David27
  • David27
what is b
muscrat123
  • muscrat123
b = be

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David27
  • David27
I think less
Vocaloid
  • Vocaloid
A = P(1+r)^t let A = 20,000, r = 0.05, and t = 4 solve for P
Vocaloid
  • Vocaloid
more specifically... (total money) = (money deposited)(1+interest/100)^time
David27
  • David27
vocaloid
wolf1728
  • wolf1728
If 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?
anonymous
  • anonymous
It's stil unclear
wolf1728
  • wolf1728
Do 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?
anonymous
  • anonymous
Yea
wolf1728
  • wolf1728
What is 1.05 to the 4th power?
anonymous
  • anonymous
1.215
wolf1728
  • wolf1728
Yes So according to the equation, you get 20,000 and divide it by 1.215
wolf1728
  • wolf1728
To be even more exact, 1.05^4 = 1.21550625 and so the starting money would be 16,454.05

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