Mathematics, 02.07.2021 20:20 kukisbae

Sarah wants to save $20,000 to use for a down payment on a home. She deposits some money into a 4-year certificate of deposit (CD) with an annual interest rate of 4.5% compounded monthly. How much does Sarah need to deposit in the CD to reach her goal of having $20,000 in 4 years? Round your final answer to the nearest dollar. Hint: Use the formula PV=frac(S, sup((1+i),n)).

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Sarah wants to save $20,000 to use for a down payment on a home. She deposits some money into a 4-ye...