Please help with step by step!! How much should Kim deposit (one time) in an account earning 1% per month (so r = 12% and k= 12

Question

Please help with step by step!!

How much should Kim deposit (one time) in an account earning 1% per month (so r = 12% and k= 12)to
have a $5,000 down payment for her new car after 4 years?

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Audrey 4 weeks 2021-09-23T23:27:57+00:00 1 Answer 0

Answers ( )

    0
    2021-09-23T23:29:46+00:00

    Answer:

    Using the formula;

    A = P(1 + rt)

    A = Amount i.e. $5000

    P = Principal or Initial payment

    r = rate i.e. 12%

    t = 4 years

    5000 = P(1 + 0.12 × 4)

    5000 = P(1 +0.48)

    5000 = P(1.48)

    P = 5000 / 1.48

    = $3378.378

    = $3378

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45:7+7-4:2-5:5*4+35:2 =? ( )