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01-07-2016
Mathematics

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$3,000 after 5 years at an interest rate of 3.0% is $ round up to the nearest cent

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meerkat18 meerkat18

01-07-2016

I am assuming that the figure needed is the present value of the deposit.

Future value = 3,000
term = 5
rate = 3%

PV = FV [1 / (1+r)^n)]

PV = 3,000 [1 / (1+0.03)^5]
PV = 3,000 [1 / (1.03)^5]
PV = 3,000 [1 / 1.159]
PV = 3,000 [0.8628]
PV = 2,588.40

The amount that should be invested is 2,588.40 for it to have a value of 3,000 after 5 years at the rate of 3%.

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