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Suppose you wish to have $9,000 in 11 years. Use the present value formula to find how much you should invest now (in $) at 6% interest compounded semiannually in order to meet your goal. (Round your answer to the nearest cent.)

Respuesta :

Answer:   4697.03

Work Shown:

A = P*(1 + r/n)^(n*t)

9000 = P*(1 + 0.06/2)^(2*11)

9000 = P*1.91610341

P = 9000/1.91610341

P = 4697.032505151

P = 4697.03

With the exception of the 0.06, every other decimal value mentioned is approximate.

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