Problem 5-13 Present Values (LO2) You will require $660 in 4 years. If you earn 3%...
Problem 5-13 Present Values (LO2) You will require $660 in 4 years.
If you earn 3% interest on your funds, how much will you need to invest today in order to reach your savings goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Homework Answers
Present value=660*Present value of discounting factor(rate%,time period)
=660/1.03^4
=660*0.888487048
=$586.40(Approx).
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Problem 5-13 Present Values (LO2) You will require $660 in 4
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If you earn 3%...
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