Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jazelle Momba wants to visit her family in Zimbabwe in 2025, which is 8 years from now. She knows that it will cost approximately $7,000
Jazelle Momba wants to visit her family in Zimbabwe in 2025, which is 8 years from now. She knows that it will cost approximately $7,000 including flight costs, on-the-ground costs, and extra spending money to stay for 4 months. If she opens an account that compounds interest at 6% semiannually, how much does she need to deposit today to cover the total cost of her visit? (Use Table 12.3.) (Round your answer to the nearest dollar.) Deposit Period 1% 11% 2% 3% 4% 5% 6% 7% 8% 9% 10% 1 9901 9804 9615 9524 19709 9426 9091 2 9852 9707 9563 9803 9612 9346 8734 9246 9434 8900 8396 9174 8417 8264 19070 (8638 3 9706 9423 9151 9259 .8573 7938 7350 8890 4 9610 9422 9238 8163 .7629 8885 8548 7722 7084 7921 5 9515 9283 9057 8626 7513 6830 6209 5645 8219 7473 .7130 6806 .6499 6 8880 8375 .7050 .6663 6302 9420 9327 9145 9010 5963 8227 7835 1.7462 7107 .6768 6446 7 8706 6227 5470 5132 8131 7894 8 5835 5403 9235 7903 7599 7307 7026 .6756 8877 8535 8368 6651 .6274 5919 5820 5439 5019 4604 9 8746 5002 9143 9053 7664 7441 4665 4241 3855 3505 10 8617 8203 6139 .5584 5083 4632 4224 8963 7224 6496 5847 5268 4751 4289 3875 8489 8364 8043 7885 12 8874 .7014 6246 5568 4970 4440 3971 3555 3186 13 8787 6006 .5303 4688 4150 3677 3262 2897 8240 8119 7730 7579 6810 6611 14 5775 5051 4423 3878 3405 2992 2633 15 8700 8613 8528 7999 7430 6419 4810 4173 3624 3152 2745 2394 5553 5339 16 7880 7284 6232 4581 3936 3387 2919 2519 2176 17 8444 6050 5134 4363 3714 13166 2703 2311 1978 7764 .7649 7142 7002 18 8360 -5874 4936 4155 3503 2120 1799 2959 2765 2502 2317 19 8277 5703 4746 3957 3305 1635 1945 6864 6730 20 7536 7425 7315 8195 5537 4564 3769 1486 2584 2145 3118 2942 8114 21 6598 5375 4388 1784 1637 1502 3589 2415 1987 1351 1228 22 6468 5219 4220 1839 2775 8034 .7954 4057 2618 5067 2257 2109 1971 1703 1378 23 1117 .3418 3256 3101 2953 2812 1577 1264 3901 24 7876 7798 4919 4776 2470 2330 2198 1015 0923 1460 1842 1160 3751 25 1064 1722 0839 26 7720 4637 3607 1352 1252 2074 1609 0763 27 7644 7207 7100 6995 6892 6790 6690 6591 6494 6398 5939 5513 6342 .6217 6095 5976 5859 5744 5631 5521 5000 4529 2678 2551 1956 1504 1159 28 3468 3339 3207 3083 0693 0630 2429 1846 4502 4371 4243 4120 3554 3066 29 0976 0895 0822 0754 0490 1073 0994 7568 493 7419 7059 6717 2314 30 35 1406 1314 0937 0668 1741 1301 0573 0356 0221 1813 2534 2083 0675 0460 1420 0972 0318 Note For more detailed tables. See your booidot the business Moth Handbook
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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