Five years ago Peter invested $20000 into a 4 year GIC at an annual rate of...

  

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Five years ago Peter invested $20000 into a 4 year GIC at an annual rate of 5.75% compounded monthly. His brother Troy put some money into a CD four years ago that earned him an annual rate of 3.65% compounded daily. If both the investments are the same value after four years, how much did Troy invest in the CD? N = 1% = PV = PMT= FV = P/Y = C/Y = Peter N = 1% = PV = PMT= FV = P/Y = C/Y = Troy Troy invested $21740.79 Five years ago Peter invested $20000 into a 4 year GIC at an annual rate of 5.75% compounded monthly. His brother Troy put some money into a CD four years ago that earned him an annual rate of 3.65% compounded daily. If both the investments are the same value after four years, how much did Troy invest in the CD? N = 1% = PV = PMT= FV = P/Y = C/Y = Peter N = 1% = PV = PMT= FV = P/Y = C/Y = Troy Troy invested $21740.79

Answer rating: 100% (QA)

To find out how much Troy invested in the CD we can use the formula for the future value of a compou... View the full answer