Share

## To help with her retirement savings, Donna has decided to invest. Assuming an interest rate of 3.59% compounded quarterly, how much would sh

Question

To help with her retirement savings, Donna has decided to invest. Assuming an interest rate of 3.59% compounded quarterly, how much would she have to invest to have $117,300 after 18 years?

in progress
0

Mathematics
2 months
2021-08-01T17:23:48+00:00
2021-08-01T17:23:48+00:00 1 Answers
3 views
0
## Answers ( )

Answer:We get the value of Principal amount i.e initial investment =

$61640Step-by-step explanation:Interest rate r = 3.59% or 0.0359

Compounded quarterly n = 4

Future Amount A = 117,300

Time t = 18 years

We need to find initial investment i,e Principal Amount P

The formula used is:

Putting values and finding P

So, We get the value of Principal amount i.e initial investment =

$61640