HW 2C

Question 5

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.

John plans to buy a vacation home in 13 years from now and wants to have saved $72,709 for a down payment. How much money should he place today in a saving account that earns 7.83 percent per year (compounded daily) to accumulate money for his down payment?

Round the answer to two decimal places

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