Question
A bank offers a savings account with a 6% annual interest rate, compounded monthly. Stu wants to open a savings account and make one deposit
A bank offers a savings account with a 6% annual interest rate, compounded monthly. Stu wants to open a savings account and make one deposit now that will enable him to withdraw $700 to go on vacation 5 months from now and $2000 for a deposit on a rental apartment when he starts working in 3 years from now. How much money does Stu need to deposit now?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077400163
