Question
Tom is planning to purchase an electric vehicle in 6 years. The vehicle will cost $75,000. His bank account pays 2.5% annually compounded interest.
Tom is planning to purchase an electric vehicle in 6 years. The vehicle will cost $75,000. His bank account pays 2.5% annually compounded interest. In order to have sufficient fund to purchase the vehicle after 6 years, how much does Tom need to put in the bank account today? A. $71,087 B. $60,198 C. $64,673 D. $51,545
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Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
9th Edition
9780073530703
