Your bank will pay you an interest rate of .127 percent per week. You want to...
Your bank will pay you an interest rate of .127 percent per week. You want to have $25,000 in 6 years. How much will you have to deposit today? Assume 52 weeks per year.
Homework Answers
Ans $ 16825.36
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| PV = | FV/ (1 + r )^n |
| PV = | 25000 / ((1 + 0.127%)^312) |
| PV = | 16825.36 |
where n = 52 weeks * 6 years = 312 periods
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