Mathematics: How much must be deposited today into the following account in order to have $ 65,000 in 8 years for a down payment on a house? assume no additional deposits are made. an account with annual compounding and an apr of 4% $ nothing should be deposited today. (do not round until the final answer. then round to the nearest cent as needed.)

7(6)=8×-1442=8×-14 42+14=8×56/8=8×/8×=7...

How much must be deposited today into the following

TaraDean

10.01.2022

$\$47,494.86$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=8\ years\\ A=\$65,000\\ r=4\%=4/100=0.04\\n=1$

substitute in the formula above

$65,000=P(1+\frac{0.04}{1})^{1*8}$

$65,000=P(1.04)^{8}$

Solve for P

$P=65,000/(1.04)^{8}$

$P=\$47,494.86$

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