Rashon is going to invest in an account paying an interest rate of 6. 9% compounded quarterly. How much would rashon need to inves

Rashon is going to invest in an account paying an interest rate of 6. 9% compounded quarterly. How much would rashon need to invest, to the nearest dollar, for the value of the account to reach $20,200 in 13 years?.

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  1. $8,300.63 in capital is needed to earn $20,200.00 in total over the course of 13 years at a compound interest rate of 6.9% per year, compounded four times annually.

    What is decimal?

    The accepted method for representing both integer and non-integer numbers is the decimal numeral system. It is the expansion of the Hindu-Arabic numeral system to non-integer values. Decimal notation is the term used to describe the method of representing numbers in the decimal system. A decimal is a number that is divided into two parts: a whole and a fraction. Between integers, decimal numbers are used to express the numerical value of complete and partially whole amounts.
    Here,
    First, convert R as a percent to r as a decimal
    r = R/100
    r = 6.9/100
    r = 0.069 per year,
    Then, solve the equation for P
    P = A / (1 + r/n)^nt
    P = 20,200.00 / (1 + 0.069/4)^(4)*(13)
    P = 20,200.00 / (1 + 0.01725)^(52)
    P = $8,300.63
    To obtain a total of $20,200.00 with compound interest at a rate of 6.9% per year compounded four times per year for 13 years, the initial primary investment needed is $8,300.63.
    To know more about decimal,
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