How much money must be deposited now in an account paying 7.25% annual interest, compounded quarterly, to have?

June 23, 2009 @ 11:44 am · Filed under Money

Money
Gwb asked:


How much money must be deposited now in an account paying 7.25% annual interest, compounded quarterly, to have a balance of $1000 after 10 years?

Emily
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1 Comment

  1. stanschim Said,

    June 24, 2009 @ 9:10 pm

    1000 = A(1+.0725/4)^40

    A = 1000 / (1.018125)^40

    A = $487.48

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