question 13 (4 points) you decided to invest some money in a cd that yields 4.72% simple interest when…

question 13 (4 points) you decided to invest some money in a cd that yields 4.72% simple interest when invested for 6 years. how much must you invest so that after those 6 years, your cd is worth $269,000? use this formula: $pv=\frac{fv}{(1 + rt)}$ enter the dollar amount rounded up to the nearest cent. your answer: answer

question 13 (4 points) you decided to invest some money in a cd that yields 4.72% simple interest when invested for 6 years. how much must you invest so that after those 6 years, your cd is worth $269,000? use this formula: $pv=\frac{fv}{(1 + rt)}$ enter the dollar amount rounded up to the nearest cent. your answer: answer

Answer

Explanation:

Step1: Identify the values

$FV = 269000$, $r=0.0472$, $t = 6$

Step2: Substitute into the formula

$PV=\frac{FV}{1 + rt}=\frac{269000}{1+0.0472\times6}$

Step3: Calculate the denominator

$1+0.0472\times6=1 + 0.2832=1.2832$

Step4: Calculate the present - value

$PV=\frac{269000}{1.2832}\approx209629.068$

Step5: Round up to the nearest cent

$PV = 209629.07$

Answer:

$209629.07$