A = P(1 + i)^n
I have a problem that I need to solve for P I tried to set up formula as P = A / (1 + i)^n ... 100,000 / (1 + (.085 / 12))^13*4 but the answer just isn't coming out right.. answer I come up with is $69278.54 which is wrong if I plug things back into origional formula
Question is how much of initial invest would I need to have $100,000 in 13 years... interest rate is .085 and it it compounded quarterly
Thanks
I have a problem that I need to solve for P I tried to set up formula as P = A / (1 + i)^n ... 100,000 / (1 + (.085 / 12))^13*4 but the answer just isn't coming out right.. answer I come up with is $69278.54 which is wrong if I plug things back into origional formula
Question is how much of initial invest would I need to have $100,000 in 13 years... interest rate is .085 and it it compounded quarterly
Thanks