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Tariq is going to invest in an account paying an interest rate of 5.8% compounded quarterly. How much would Tariq need to invest, to the nearest hundred dollars, for the value of the account to reach 600 in 20 years?

Solution

Solution

Principal : 189.66

Solution steps

Translate the problem into an equation:

600 = P (1 + \frac{0.058}{4})^{4 \cdot 20}

Solve for

P, 600 = P (1 + \frac{0.058}{4})^{4 \cdot 20} : P = 189.66

Principal : 189.66

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