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Rosa Burnett needs $6,000 in 3 years to make the down payment on a new car. How much must she invest today if she receives 2.5% interest annually, compounded annually?

A Present Value of $1.00 ta Periods 10 Rate per period 0.5% 1% 1.5% 2% 2.5% 3% 4% 5% 6% 8% 10% 12% 0.99502 0.99010 0.98522 0.

Answer: She must invest $ . (Round to the nearest cent as needed.)

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jordiegurenbrown

Answer:

She must invest $[tex]N_0=\frac{N_3}{(1+0.025)^3}= \frac{6000}{1.076}=5571.60[/tex]

Step-by-step explanation:

Using the formula fot compund interest:

[tex]N_n=N_0*(1+0.025)^n[/tex]

Replacing n=3,[tex]N_3=6000[/tex] and solving for [tex]N_{0}[/tex]:

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