Suppose you need to have $52,709.00 in an account 16.00 years from today and that the...

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Suppose you need to have $52,709.00 in an account 16.00 years from today and that the...

Suppose you need to have $52,709.00 in an account 16.00 years from today and that the account pays 7.00%. How much do you have to deposit into the account 6.00 years from today?

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Answer 1

Answer #1

PV6 = FV16 / (1 + r)⁽^{16 - 6)}

= $52,709.00 / 1.07¹⁰ = $52,709 / 1.9672 = $26,794.58

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Answer 2

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