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Nataly_w [17]
3 years ago
11

You want to have $18,000 in 9 years for a dream vacation. If you can earn an interest rate of .5 percent per month, how much wil

l you have to deposit today
Business
1 answer:
stiks02 [169]3 years ago
5 0

Answer:

$10,503.59

Explanation:

This question requires us to find how much you have to deposit today if:

Fv = 18,000

Time = 9 years

PV= fv/(1 + i)^n

N = 9 X 12 = 108

I/y = 0.5%

PV = $18,000 / 1.005^108

= $10,503.59

Therefore what you have to deposit today is $10,503.59

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