Do Homework Janie Davis, Mozilla https://www.mathod.com/St 40501 8tushed falsede

Question

Do Homework Janie Davis, Mozilla https://www.mathod.com/St 40501 8tushed falsedecid 4261818&oentenwin; yes Math 144 121216.212017 Davis 4 Homework: Module 6 Homework Score 0 of 1 pt 23 of 25 complete) (17 HW Score: 42.62%, 1065 7.3.16 Jim Roznowski wants to invest some money now to buy a new tractor in the future. he wants to have s250.000 aalable in 3 years. how much doashe need to mest now in a co paying 4 sssinterest compounded monthly? Jim needs to invest s now (Round to the nearest cent as needed) wer mean wer and then o o e m a 0

Explanation / Answer

after three years the amount is 250000

let he invests x amount today

interest = 4.95% compunded monthly

So after 3 years

x becomes x * (1 + 4.95/(12*100) )^(12*3) = x * (1 + 0.004125)^36 = 1.15973851131

hence x = 250,000/ 1.15973851131 = 215,565

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