Thejedipriest4749 Thejedipriest4749

10-07-2021
Business

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Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $120,000 3-years from now. How much must Shane deposit to accomplish his goal

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madethisfortwitch1 madethisfortwitch1

10-07-2021

Answer:

84165.59

Explanation:

[tex]12000=x(1+\frac{.06}{2})^{2*6}\\.\frac{120000}{(1.03)^{12}}=84165.58562[/tex]

which we will round to 84165.59

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