How much money would you have to deposit today in order to have $5,000 in five years if the discount rate is 10 percent per year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Present value=5000*Present value of discounting factor(rate%,time period)
=5000/1.1^5
which is equal to
=$3104.61(Approx).
How much money would you have to deposit today in order to have $5,000 in five...
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