question 4 (3.3 points)\nyou decided to invest some money in a cd that yields 4.61% simple interest when…

question 4 (3.3 points)\nyou decided to invest some money in a cd that yields 4.61% simple interest when invested for 18 years. how much must you invest so that after those 18 years, your cd is worth $102,000?\nuse this formula:\n$pv=\frac{fv}{(1 + rt)}$\nenter the dollar amount rounded up to the nearest cent.\nyour answer:\nanswer\nquestion 10 (3.3 points)

question 4 (3.3 points)\nyou decided to invest some money in a cd that yields 4.61% simple interest when invested for 18 years. how much must you invest so that after those 18 years, your cd is worth $102,000?\nuse this formula:\n$pv=\frac{fv}{(1 + rt)}$\nenter the dollar amount rounded up to the nearest cent.\nyour answer:\nanswer\nquestion 10 (3.3 points)

Answer

Explanation:

Step1: Identify the values

$FV = 102000$, $r=0.0461$, $t = 18$

Step2: Substitute values into formula

$PV=\frac{FV}{1 + rt}=\frac{102000}{1+0.0461\times18}$

Step3: Calculate the denominator

$1+0.0461\times18=1 + 0.8298=1.8298$

Step4: Calculate the present - value

$PV=\frac{102000}{1.8298}\approx55743.79$

Answer:

$55743.79$