Question
Susan Wilson is saving to buy a house in five years. She plans to put 20 percent down at that time, and she believes that
Susan Wilson is saving to buy a house in five years. She plans to put 20 percent down at that time, and she believes that she will need $27,000 for the down payment. If Susan can invest in a fund that pays 6.40 percent annual interest, compounded quarterly, how much will she have to invest today to have enough money for the down payment?
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Fundamentals of corporate finance
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
2nd Edition
978-0470933268, 470933267, 470876441, 978-0470876442
