Question
Present and future value tables of $1 at 9% are presented below.r r You want to invest $8,600 annually beginning now in order to accumulate
Present and future value tables of $1 at 9% are presented below.r
r
You want to invest $8,600 annually beginning now in order to accumulate $30,370 for a down payment on a house. If you can invest at anrinterest rate of 9% compounded annually, about how many years will it take to accumulate the required amount?r
N FV $1 PV $1 1 1.09000 8.91743 2 1.18810 0.84168 3 FVA $1 1.0000 2.0900 1.29503 0.77218 3.2781 4 1.41158 0.70843 4.5731 5 1.53862 0.64993 5.9847 6 1.67710 8.59627 7.5233 FVAD $1 PVA $1 PVAD $1 1.0900 0.91743 1.00000 2.2781 1.75911 1.91743 3.5731 2.53129 2.75911 4.9847 3.23972 3.53129 6.5233 3.88965 4.23972 8.2004 4.48592 4.88965
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
