Trisha needs to invest $ 26,666.66 to save $ 8,000 in 5 years.
Given that Trisha needs to save $ 8000 in order to afford to buy a car in five years, and she is going to invest in a savings account that promises an APY (Annual Percentage Yield) of 6% rounded to the nearest penny, to determine how much does she need to invest, the following calculation must be performed:
You must consider an unknown number, and multiply that number by the interest generated and the amount of time of said interest.
- X x ((6/100) x 5) = 8000
- X x (0.06 x 5) = 8000
- X x 0.3 = 8,000
- X = 8000 / 0.3
- X = 26666.66
Therefore, Trisha needs to invest $ 26,666.66 to save $ 8,000 in 5 years.
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