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murzikaleks [220]
3 years ago
15

James would like to deposit enough money in a savings account to have $8,000 at the end of year 3. Assuming the investment will

earn 5% compounded annually, what amount should James deposit in the savings account today
Business
1 answer:
faltersainse [42]3 years ago
7 0

Answer:

  $6910.70

Explanation:

At the end of each year, the account balance will be 1.05 times the value at the beginning of the year. Thus, at the end of year 3, the value is 1.05^3 times the original value.

  $8000 = (deposit)×1.05^3

  deposit = $8000/1.05^3 ≈ $6910.70

James should deposit $6910.70 today.

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6 0
3 years ago
What benefit does a 401(k) plan provide over an IRA?
svetoff [14.1K]
Hello,

Your brainliest answer would be:

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