How much money should David invest today into a fund that earns interest at 3.50% compounded quarterly, if he wants to receive $7,500 at the end of every 6 months for the next 6 years? $73,020.00 (X) Round to the nearest cent

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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How is this wrong?
How much money should David
invest today into a fund that earns
interest at 3.50% compounded
quarterly, if he wants to receive
$7,500 at the end of every 6
months for the next 6 years?
$73,020.00 X
Round to the nearest cent
Transcribed Image Text:How much money should David invest today into a fund that earns interest at 3.50% compounded quarterly, if he wants to receive $7,500 at the end of every 6 months for the next 6 years? $73,020.00 X Round to the nearest cent
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