3000 in 5 years 4% interest compounded 4 times a year. How much money should Tracey deposit

Yes it is what ever taskmaster said that is correct i think

Tracy should deposit 1,369.86 to earn 3,000 in 5 years at 4% interest rate compounded 4 times a year

Given:

Compounded Interest = 3000

Term = 5 year

Frequency = 4 times a year

interest rate = 4%

Principal = unknown.

C. I = Principal * (1 + rate) ^t

3000 = Principal * (1.04⁴) ⁵

3000 = Principal * 1.17⁵

3000 = Principal x 2.19

3000/2.19 = Principal

1,369.86 = Principal