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Mathematics, 24.08.2019 14:30 PSBSolarYT
Ineed quickly
john wants to have $2 000 in 3 years. the current rate of return for a high interest savings
account is 2.8%, compounded annually. the money, p dollars, that john must invest now is given by the formula p initial investment = 2 000 (1.028) -3, where the exponent of the power is the time, in years.
a. how much must john invest now to have $2 000 in 3 years?
b. assuming the interest rate remains consistent, how much money will john have in 5 years
if he doesn’t touch the investment after the initial 3 years? hint: the original formula will
have to change.
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Answers: 1
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john wants to have $2 000 in 3 years. the current rate of return for a high...
john wants to have $2 000 in 3 years. the current rate of return for a high...
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