If you wish to have $60,000 in 8 years, how much do you need to deposit in the bank today if the account pays 9% using present v
alue and future value.
1 answer:
Answer:
Amount to deposit= $26799.0
Step-by-step explanation:
Amount A = $60,000
Years t = 8 years,
Rate R = 9% .
A= p(1+r/n)^(nt)
60000= p(1+0.09/9)^(9*9)
60000= p(1+0.01)^(81)
60000= p(1.01)^81
60000= p(2.23888)
60000/2.23888= p
26799.1138= p
P= $26799.0
Amount to deposit= $26799.0
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