4. john payer, owner of payer's garage, estimates he will need $55,000 for
new equipment in 8 years. john decided he would put aside the money now
so that in 8 years the $55,000 will be available. his bank offers him 8%
interest compounded semiannually. how much will john invest today so his
account will have $55,000 in 8 years? check your answer.

$29364.95

Step-by-step explanation:

The formula to apply is;

where ;

A=amount at the end

P=principal amount

r=rate of interest as a decimal

n=number of compoundings a year

t=total number of years

Given in the question

A=$55000

t=8 years

n=2

r=0.08

P=?

Substitute the values in the equation;

Checking the answer

1. 3.4/4

2. 0.8/7

3. 0.5 x 3

4. 0.9 x 6

5. 10.8

6. 2.35

7. 0.567

8. 9.35

9. 0.02

10. 0.06

11. 0.16

12. 0.42

13. 0.63

14. 5.6

15. 8.1

16. 9.9

17. 0.28

18. 0.48

19. 0.27

20. 0.49

21. 0.45

22. 0.72

23. 0.9

24. 0.88

25. 0.75

26. 0.16

27. 0.328

28. 0.495

29. 0.72

30. 1.068

7.25

step-by-step explanation:

we know that 7 equals to 7.0. we also know that 1/4=0.25. so we can add the two together and we get 7.25