Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jazelle Momba wants to visit her famly In Zimbabwe In 2022, which is 7 years from now. She knows that It will cost approximately $7,200
Jazelle Momba wants to visit her famly In Zimbabwe In 2022, which is 7 years from now. She knows that It will cost approximately $7,200 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 19.3) (Round your answer to the nearest dollar.) Present value of $I at end of period Period 9709 9524 9070 8638 8227 7835 7462 9346 8734 8163 7629 9259 8573 7938 7350 9803 9426 9563 9422 9283 9246 8890 8548 9706 9423 9238 6830 .6209 5645 8626 6499 9420 8375 7903 9327 9010 6227 5835 5403 5002 8368 8203 8043 7885 7307 7026 6756 6496 6274 5919 5584 7664 5439 5083 4224 3855 8963 5847 4289 12 8364 3555 8787 5303 3262 .5775 5553 5339 -3405 3624 2394 8528 7284 3387 7764 6050 4363 3714 2703 4936 2959 8277 5703 3305 20 .5537 3769 4388 4220 4057 3901 21 6598 8034 7954 7876 7207 2257 6342 .5067 3256 25 26 27 28 .6995 6892 6790 6690 6095 5976 5859 4776 4637 4502 2953 0923 3607 0839 2074 0976 7568 3335 3207 0895 7493 6494 4243 0630 0754 7059 0937 0676 0490 0356 0972 0668 Note: For more detalled tables, see your booklet, the Busness Math 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