Question
14. You are saving for a car that costs $66,000 that you hope to purchase in eight years. How much will you need to deposit
14. You are saving for a car that costs $66,000 that you hope to purchase in eight years. How much will you need to deposit today in a savings account that earns 7%, compounded annually, to withdraw enough for the purchase? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor from the PV tables. Round your final answer to the nearest whole dollar amount.)
Multiple Choice
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$113,401
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$61,380
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$61,684
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$38,412
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Mastering Accounting Skills
Authors: Margaret Nicholson
3rd Edition
1403992703, 978-1403992703
