A new tax business, Taxes Done Right, will purchase a copying machine. After speaking with their financial advisor, they find that the copying machine will cost them $3,300 in 3 years. The account they will invest in earns 5% per year compounded semi-annually. In order to pay cash for the machine, how much should they deposit semi-annually in this account for 3 years?
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Ответ:
$2,845.57965
The principal to be deposited semiannually would be $2,845.58 (rounded to 2 decimal places)
Explanation:
Using compound formula below
A = p (1 + r/n)^nt
A =amount= $3,300
r = rate = 5% = 5/100 = 0.05
n = number of compounding rate (semiannually) =2 interest payments a year
t = time in years= 3
3,300 = p (1 + 0.05/2)^2(3)
3,300 = p (1 + 0.025)^6
3,300 = p (1.025)^6
3,300 = 1.15969342p
Divide both sided by 1.15969342
p = $(3,300/1.15969342)
p = $2,845.57965
p ≈$2,845.58 rounded to 2 decimal places.
Ответ: