Question
Client #3 Jamila wants to save $32,000 for a new car to give her daughter in 18 years when she graduates from high school. Your
Client #3
Jamila wants to save $32,000 for a new car to give her daughter in 18 years when she graduates from high school. Your bank is offering CDs at 3.45% interest rate compounded quarterly. She asks you how much she would have to invest now in a CD to accomplish this goal.
Determine the amount Jamila needs to invest now. Write out 1) the correct formula with variables (e.g. A, P, r, etc.), and 2) the correct formula with the numerical values. Round your answer to the nearest cent.
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Local Public Finance
Authors: René Geissler, Gerhard Hammerschmid, Christian Raffer
1st Edition
3030674681, 978-3030674687
