Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you want to have $ 6 0 , 0 0 0 in 8 years, how much do you need to deposit in the bank

If you want to have $60,000 in 8 years, how much do you need to deposit in the bank today if the account pays an interest rate of 9%?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the amount you need to deposit today to have 60000 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance Turning Money into Wealth

Authors: Arthur J. Keown

8th edition

134730364, 978-0134730363

More Books

Students also viewed these Finance questions

Question

Simplify and collect the like terms.

Answered: 1 week ago