Math Problem Statement

You have access to an account which earns 3% APR compounded quarterly. How  much do you need to invest today in order to have $2000 in five years?

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

A = P(1 + r/n)^(nt)
P = A / (1 + r/n)^(nt)

Theorems

Compound Interest Formula

Suitable Grade Level

Grades 9-12