Homework Answers
The aunt and uncle, at the end of 6 years would like to have $95,000 in the savings account. To accumulate this amount using a 4.3% rate, we shall use the following formula:
Future Value = Present Value * [(1+r)^n]
Thus, the future of value needed at the end of 6 years = $95,000
r = 4.3%
n = 6
$95,000 = Present Value* [(1.043)^6]
Solving this equation, we shall get the Present Value amount as $73,793.44 (Rounding of as $73,793)
Thus, the aunt and uncle must deposit $73,793 today to receive $95,000 at the end of 6 years.
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