The principal needed now to get $75 after 3 years at 8% compounded quarterly is $59.14
Compound interest
The formula for calculating the compound interest is given as shown:
A = P(1+r/n)^nt
Given the following parameters
A= $75
rate r = 8% = 0.08
Time t = 3 years
n = 4
Substitute
75 = P(1+0.08/4)^4(3)
75 = P(1.02)^12
75 = 1.2682P
P = 75/1.2682
P = 59.14
Hence the principal needed now to get $75 after 3 years at 8% compounded quarterly is $59.14
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