You want to have $13,000 in 9 years for a dream vacation. If you can earn an interest rate of .4 percent per month, how much wil l you have to deposit today?
1 answer:
Answer:
PV= $8,447
Explanation:
Giving the following information:
Future value= $13,000
Number of months= 9*12= 108
Interest rate= 0.4/100= 0.004 compounded montlhy
To calculate the initial investment required, we need to use the following formula:
PV= FV/(1+i)^n
PV= 13,000/(1.004^108)
PV= $8,447
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