Moxie wants to have a 5000. how much money does she have to deposit in an account at 6% interest compounded 3 times per year in order to have 5000 at the end of 4 years

Around 2488 dollars

Explanation:

If we set

x

to be the amount of money she deposited initially, then we get an equation:

x

⋅

1.06

12

=

5000

1.06 because her money is multiplied by 106% every time, and to the power of 12 because interest is compounded 3 times per year for 4 years.

So just solve for

x

:

x

=

5000

1.06

12

x

=

5000

2.01

[2.01 is approximate]

x

≈

2488

3942.47

Step-by-step explanation:

correct because i know

your answer would be 12