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Answer:
Amount to be kept separately for having $17,000 at year end = $16,715.83
Step-by-step explanation:
As it is provided, that annual return = 1.7% compounded annually.
We need to calculate the amount to be invested today, to get a total of $17,000 at year end.
Since the interest is compounded annually, it is a simple interest if the term is of 1 year.
Therefore,
Investment + Investment 1.7% = $17,000
Investment + 0.017 Investment = $17,000
1.017 Investment = $17,000
Investment =
Therefore, Investment today = $16,715.83