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If an amount P is to be invested at an annual interest rate of 3.5 percent, compounded quarterly, what should be the value of P
If an amount P is to be invested at an annual interest rate of 3.5 percent, compounded quarterly, what should be the value of P
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2020-10-11
36
问题
If an amount P is to be invested at an annual interest rate of 3.5 percent, compounded quarterly, what should be the value of P so that the value of the investment is $1,000 at the end of 3 years? Give your answer to the nearest dollar.
选项
答案
901
解析
将以上信息代入复利公式,可以得到方程:
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