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Tems11 [23]
3 years ago
7

You will require $620 in 5 years. If you earn 5% interest on your funds, how much will you need to invest today in order to reac

h your savings goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Business
1 answer:
brilliants [131]3 years ago
8 0

Answer:

Present value of money invested = 485.79 (Approx)

Explanation:

Given:

Future value = $620

Number of years = 5 years

Present value = ?

Rate of interest = 5% = 5/100 = 0.05

Computation of Present value of money invested:

Present value = \frac{Future\ value}{(1+r)^n}\\\\

Present \  value = \frac{Future\ value}{(1+r)^n}\\\\Present \  value = \frac{620}{(1+0.5)^5}\\\\Present \  value = \frac{620}{(1.5)^5}\\\\Present \  value = \frac{620}{1.277628156}\\\\Present \  value =485.786224

Present value of money invested = 485.786224

Present value of money invested = 485.79 (Approx)

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