how much would you need to deposit in an account now in order to have 3000 in the account in 15

Name: how much would you need to deposit in an account now in order to have 3000 in the account in 15 years assume the account earns 5 interest compounded quarterly 88327
Uploaded: 2022-05-03T09:51:35-08:00
Duration: 2 min 10 s
Channel: Ahmet Yavas
Description: how much would you need to deposit in an account now in order to have 3000 in the account in 15 years assume the account earns 5 interest compounded quarterly 88327

Question

Oswaldo Jiménez · Accepted Answer

First, we need to understand the formula for compound interest, which is A = P(1 + r/n)^(nt), wh

Question

How much would you need to deposit in an account now in order to have $3000 in the account in 15 years? Assume the account earns 5% interest compounded quarterly.

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