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3 January, 08:46

Hildegard wants to have $24,000 in 15 months. About how much should she put into a 15-month CD that earns simple interest of 6.4% a year calculated quarterly in order to reach her goal

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  1. 3 January, 09:41
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    A=p (1+i/k) ^kn

    24000=p (1+0.064/4) ^4*15/12

    24000=p (1.016) ^5

    P=24000 / (1.016) ^5

    P=22,168.83
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