Acompany will need $30,000 in 8 years for a new addition. to meet this goal, the company deposits money in an account today that pays 4% annual interest compounded quarterly. find the amount that should be invested to total $30,000 in 8 years.

Step-by-step explanation:

Use this formula:

where A(t) is the amount after the investment time is over, P is the initial amount invested (what we are looking for), r is the interest rate in decimal form, n is the number of times it compounds per year, and t is the time in years.  Fillling in:

and simplifying a bit:

and some more:

30,000 = P(1.374940697)

P = $21,819.12

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step-by-step explanation: