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Popular >

Find the principal needed now to get the given amount; that is, find the present value to get 600 after 4 years at 3% compounded quarterly

Solution

Find the principal needed now to get the given amount; that is, find the present value to get 600 after 4 years at 3% compounded quarterly

Solution

Principal : 532.39

Solution steps

Translate the problem into an equation:

600 = P (1 + \frac{0.03}{4})^{4 \cdot 4}

Solve for

P, 600 = P (1 + \frac{0.03}{4})^{4 \cdot 4} : P = 532.39

Principal : 532.39

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