How much will you spend on an investment if you want to receive $7,000 at an annual rate of 6% compounded weekly in 4 years?

The investment required is: $5687

Step-by-step explanation:

Future Amount A= $7000

Rate r = 6% =0.06

Time t = 4

Compounded Weekly = n= 52

We need to find Principal Amount P

The formula used is:

Putting values and finding P

So, The investment required is: $5687

simplifying

5(x + -6) = 2(x + 3)

reorder the terms:

5(-6 + x) = 2(x + 3)

(-6 * 5 + x * 5) = 2(x + 3)

(-30 + 5x) = 2(x + 3)

reorder the terms:

-30 + 5x = 2(3 + x)

-30 + 5x = (3 * 2 + x * 2)

-30 + 5x = (6 + 2x)

solving

-30 + 5x = 6 + 2x

solving for variable 'x'.

move all terms containing x to the left, all other terms to the right.

add '-2x' to each side of the equation.

-30 + 5x + -2x = 6 + 2x + -2x

combine like terms: 5x + -2x = 3x

-30 + 3x = 6 + 2x + -2x

combine like terms: 2x + -2x = 0

-30 + 3x = 6 + 0

-30 + 3x = 6

add '30' to each side of the equation.

-30 + 30 + 3x = 6 + 30

combine like terms: -30 + 30 = 0

0 + 3x = 6 + 30

3x = 6 + 30

combine like terms: 6 + 30 = 36

3x = 36

divide each side by '3'.

x = 12

simplifying

x = 12

this should .