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Original Question
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?...Asked by Boop
How much must be deposited today into the following account in order to have $ 25,000 in 8 years for a down payment on a house? Assume no additional deposits are made.
An account with annual compounding and an APR of 5%
$______ should be deposited today
An account with annual compounding and an APR of 5%
$______ should be deposited today
Answers
Answered by
Damon
1.05^8 = 1.477455
25,000 / 1.477455 = 16,921
25,000 / 1.477455 = 16,921
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