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11-12-2016
Mathematics

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Wendy wants $15,000 saved in 6 years to make a down payment on a house. How much money should she invest now at 4.65% compounded annually in order to meet her goal?

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simono860s simono860s

11-12-2016

A=P(1+R/100)^n
A=$15000, n=6 years, R=4.65
Therefore,
15000=P(1+4.65/100)^6
15000=P(1.3135)
P=15000/1.3135
=$11420 (to the nearest dollars)

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