Charlie wants to make a one time investment into an account that earns 6% interest compounded semi annually. to earn $338,893 after 26 years, approximately how much money did he invest?
A.$72,866.33
B.$74,492.08
C.$528,673.08
D.$217,239.10

PV= $72,866.33

Step-by-step explanation:

Giving the following information:

Interest rate= 6% compounded semiannually

Number of periods= 26*2= 52 semesters

Future value= 338,893

To calculate the initial investment (PV), we need to use the following formula:

PV= FV/(1+i)^n

i= 0.06/2= 0.03

PV= 338,893 / (1.03^52)

PV= $72,866.33

let x be the money she spent so that she can earn the free t-shirt.

since, she already spent $112.49

⇒

also, as per the statement: jennifer must spend $250 or more in order to qualify for a free t-shirt at the store.

then,

we have an inequality i.,e

subtract 112.49 from both sides we get;

therefore, $137. 51 more money does jennifer need to spend so that she can earn the free t-shirt