Homework Answers
| we need to calculate present value of $600000 | ||||
| PV= FV/(1+r)^n | ||||
| PV= Present value | ||||
| FV=Future Value | ||||
| r= rate i.e. 9%/4 =2.25% | ||||
| n= number of period = 20 years *4=80 | ||||
| =$600000/(1+0.025)^80 | ||||
| =$101177.96 | ||||
| She need to deposit $101177.96 | ||||
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