Quantitative Problem 2: Today, you invest a lump sum amount in an equity fund that provides an 10% annual return. You would like to have $11,200 in 6 years to help with a down payment for a home. How much do you need to deposit today to reach your $11,200 goal
1 answer:
Answer:
$6,322.11
Step-by-step explanation:
The future value of a lump sum (S) invested today at an interest rate 'r' for a period of 'n' years, if interest is compounded annually is:
In order to obtain $11,200 after 6 years, the required investment at a 10% rate per year is:
You need to deposit $6,322.11 today in order to reach your goal in 6 years.
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