Asked by Janice

I want to buy a house in 5 years. I need to have a down payment of $50,000. How much do I need to have today in order to have the down payment, if I can earn 5%?
I have tried to figure this out and have arrived at 39200.00

Answers

Answered by Reiny
let present amount be x

x(1.05)^5 = 50000
x = 50000/1.05^5 = 39176.31
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