Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You want to make an investment that will yield a lump sum of $ 8 6 , 3 6 4 in 5 years. You will

You want to make an investment that will yield a lump sum of $ 86,364 in 5 years. You will invest at a nominal rate of 8%. How much do you need to invest today to reach the above future value? Enter your answer to the nearest $.01. Do not use $ or , signs in your answer. Enter your answer as a positive number.
Answer: 58,777.89

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ecological Money And Finance

Authors: Thomas Lagoarde-Segot

1st Edition

3031142314, 978-3031142314

More Books

Students also viewed these Finance questions