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How much principal to the nearest dollar should you invest at 4 percent in order to have 3000 for a vacation to Europe in 3 years?
Nattwisp
It's going to make a difference whether that 4 percent is compounded more
than once a year.
We'll do the calculation assuming it's compounded only once a year, and if it
turns out to be compounded more often than that, then the calculation will
come out on the low side, and you'll wind up with a little bit more than $3,000.
P times (1.04)3 = $3,000
P = 3,000/(1.04)3 = $2,666.980769 or $2,667
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