Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If you desire to have $100,000 in savings seven years from now, what amount would you need to deposit in an account earning 8%?
If you desire to have $100,000 in savings seven years from now, what amount would you need to deposit in an account earning 8%?
Step by Step Solution
★★★★★
3.50 Rating (147 Votes )
There are 3 Steps involved in it
Step: 1
we use the formula FV PV 1rn where FV ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Focus On Personal Finance
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
5th Edition
0077861744, 978-0077861742
