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Please check if these answers are correct and show work Debra wants to buy a car when she graduates from Central University 5 years from
Please check if these answers are correct and show work
Debra wants to buy a car when she graduates from Central University 5 years from now. She believes that she will need $29,500 to buy the car. Click here to view the factor table. (a) Calculate how much money Debra must put into her savings account today to have $29,500 in 5 years, assuming she can earn 14% compounded annually. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,975.) Amount $ (b) Calculate how much money Debra must put into her savings account today to have $29,500 in 5 years, assuming she can earn 14\% compounded semiannually. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,975.)Step by Step Solution
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