Asked by Vera
How much must be deposited today into the following account in order to have $35,000 in 6 years for a down payment on a house? Assume no additional deposits are made.
An account with annual compounding and an APR of 7%
An account with annual compounding and an APR of 7%
Answers
Answered by
Damon
35000 = a (1.07)^6
so
a = 35000 / (1.07)^6
so
a = 35000 / (1.07)^6
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