Solve the problem. round to the nearest cent.
mark knows that he will need to buy a new car in 5 years. the car will cost $15,000 by then. how much should he invest now at 8%, compounded quarterly, so that he will have enough to buy a new car?
a. $9452.54
c. $12,328.91
b. $11,025.45
d. $10,094.57

He invest $10101.01.

Step-by-step explanation:

Given : Mark knows that he will need to buy a new car in 5 years. The car will cost $15,000 by then.

To find : How much should he invest now at 8%, compounded quarterly, so that he will have enough to buy a new car?  

Solution :

Using compound interest formula,

Where, A is the amount  A=$15000

P is the principle P=?  

r is the rate r=8%=0.08

t is the time t= 5 years

Substitute the value,

Therefore, He invest $10101.01.

d

step-by-step explanation:

arrange the equations with like terms in columns.

analyze the coefficients of x or y.

add the equations and solve for the remaining variable.

substitute the value into either equation and solve.

check the solution.

step-by-step explanation: