Question
How much must be deposited today in an account earning 6% annually to accumulate a 20% down payment to use in purchasing a car one
How much must be deposited today in an account earning 6% annually to accumulate a 20% down payment to use in purchasing a car one year from now, assuming that the car's current price is $20,000, and inflation will be 4%?
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To calculate how much must be deposited today we can use the future value formula for a single pay...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
