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Victoria is going to invest in an account paying an interest rate of 1.5% compounded quarterly. How much would Victoria need to invest, to the nearest hundred dollars, for the value of the account to reach $3,300 in 13 years?

Respuesta :

Answer: P = 2716.3448786 or about 2700

Step-by-step explanation:

The amount that need to invest, to the nearest hundred dollar is to be considered as the 2,700.

Calculation of the amount:

Since

The interest rate be like = 1.5% = 1.5% / 4 = 0.38%

The time period = 13 * 4 = 52

The future value = $3,300

The PMT is = $0

Now the following formula is used;

So,

= -PV(RATE,NPER,PMT,FV,TYPE)

After applying it, the present value should be $2,700

Learn more about rate here: https://brainly.com/question/24546293

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