Question
You need $73323 in 11 years. If you can earn 0.25 percent per month, how much will you have to deposit today (in $)? The
You need $73323 in 11 years. If you can earn 0.25 percent per month, how much will you have to deposit today (in $)?"
The correct answer is $52735.36. But I keep getting $52970.10.
My calculations are:
PMT=0
FV= $73323
I/Y= 0.25 x 12= 3
N= 11
I am hoping you can explain to me where my error is.
Step by Step Solution
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Step: 1
Your calculations are almost correct The error lies in the Interest Rate IY value you are using in t...
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
8th edition
134730364, 978-0134730363
