Asked by Sharon
You have an invoice for a major expenditure due in 5 years for $82,000 and the annual interest rate of 5%. How much do you need now to pay for this expenditure?
Answers
Answered by
drwls
(1.05)^5*X = 82,000
(assuming annual compounding)
1.2763 X = $82,000
X = $64,249
(assuming annual compounding)
1.2763 X = $82,000
X = $64,249
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