Question
You need $15,000 in 3 years for a new car. If you can deposit money into an account that pays an APR of 5.5% based
You need $15,000 in 3 years for a new car. If you can deposit money into an account that pays an APR of 5.5% based on daily compounding, how much would you need to deposit?
Can you please show how to do it step-by-step instead of using a financial calculator? I attempted to solve this problem using the Present Value Annuity Ordinary equation, but I keep getting it wrong. The answer is $12,718.56
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The Analysis And Use Of Financial Statements
Authors: Gerald I. White, Ashwinpaul C. Sondhi, Haim D. Fried
2nd Edition
0471111864, 978-0471111863
