Jessica plans to purchase a car in one year at a cost of $30,000. how much should be invested in an account paying 10% compounded semiannually to have the funds needed?
The formula is A=p (1+r/k)^kt A fund needed 30000 p Amount invested? R interest rate 0.1 K compounded semiannual 2 T time 1 year Solve the formula for p to get P=A÷(1+r/k)^kt P=30,000÷(1+0.1÷2)^(2×1) P=27,210.88
