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Find the sum of money that accumulates to $1600 at 5% compounded quarterly for six years, three months.

 Oct 30, 2020
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FV=1600; P=0; N=25; R=0.05/4;a=FV/(1 + R)^N; print"PV =$",a

 

PV = 1,172.85  dollars- this amount will grow to 1,600 dollars in 25 quarters @ 5% compounded quarterly.

 Oct 30, 2020

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