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Questions: Algebra BusinessCalculus
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A client needs to save $5500 dollars in 8 years. If they invest at \(\displaystyle 3.1\)% compounded monthly, how much do they need to invest today?
Using the forumla for present value \(\displaystyle PV = \frac{5500}{ (1 + (0.031/12))^{96} } = 4293.35\) dollars.
\begin{question}A client needs to save \$5500 dollars in 8 years. If they invest at $3.1$\% compounded monthly, how much do they need to invest today?
\soln{9cm}{Using the forumla for present value $PV = \frac{5500}{ (1 + (0.031/12))^{96} } = 4293.35$ dollars. }
\end{question}
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\begin{document}\begin{question}(10pts) The question goes here!
\soln{9cm}{The solution goes here.}
\end{question}\end{document}<p> <p>A client needs to save $5500 dollars in 8 years. If they invest at <img class="equation_image" title=" \displaystyle 3.1 " src="/equation_images/%20%5Cdisplaystyle%203.1%20" alt="LaTeX: \displaystyle 3.1 " data-equation-content=" \displaystyle 3.1 " /> % compounded monthly, how much do they need to invest today?</p> </p>
<p> <p>Using the forumla for present value <img class="equation_image" title=" \displaystyle PV = \frac{5500}{ (1 + (0.031/12))^{96} } = 4293.35 " src="/equation_images/%20%5Cdisplaystyle%20PV%20%3D%20%5Cfrac%7B5500%7D%7B%20%281%20%2B%20%280.031/12%29%29%5E%7B96%7D%20%7D%20%3D%204293.35%20" alt="LaTeX: \displaystyle PV = \frac{5500}{ (1 + (0.031/12))^{96} } = 4293.35 " data-equation-content=" \displaystyle PV = \frac{5500}{ (1 + (0.031/12))^{96} } = 4293.35 " /> dollars. </p> </p>