finding compound interest

Mathematics
Tutor: None Selected Time limit: 1 Day

approximately how much principal would need to be placed into an account earning 3.575% interest compounded quarterly so that it has an accumulated value of 68,000 at the end of 30 years ?  

Apr 28th, 2015

Principal = 68,000/((1+0.03575)^120)

               =68000/67.7

                = 1,004.43

Apr 28th, 2015

a.

$23,706

b.

$23,377

c.

$52,069

d.

$58,944


Apr 28th, 2015

in that case it means they havent factored in the quaterly rate. so it becomes....

 

68,000/((1+0.03575)^120)

               =68000/2.8684

                = 23,706.13


Apr 28th, 2015

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