sopurumaduba sopurumaduba

04-12-2018
Mathematics

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how much money should be deposited today in an account that earns 5% compounded quarterly so that it accumulate to $7500 in 5 years

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TheBreeze TheBreeze

04-12-2018

Knowing that it is a quarterly rate, we know that there are 20 quarters in 5 years:

20(1.05(x)) = 7500

21x = 7500

x = 357.14

You should deposit about $357.14

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