Question
HW 2C Question 4 This set of problems is designed to be calculated using the Excel or financial calculator . You can also use algebraic
HW 2C
Question 4
This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.
Stephen plans to purchase a car 6 years from now. The car will cost $45,715 at that time. Assume that Stephen can earn 5.10 percent (compounded monthly) on his money. How much should he set aside today for the purchase?
Round the answer to two decimal places.
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
