Will give brainliestdetermine the amount you need to invest to have $22,000 dollars in 4 years if you invest at 5% annual interest, compounded quarterly. show work

$18,034.40

Step-by-step explanation:

We will use the compound interest formula:

Our final amount is $22,000, t = 4, r = 5% = 0.05 (because 5/100=0.05) and n=4 since it's compounded quarterly this means that it happens four times in one year. By plugging in your values you obtain:

Therefore, you would need to place an initial amount of $18,034.40 in order to accumulate $22,000 based on the parameters given.

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step-by-step explanation:

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