How much money would you have to deposit today in order to have $3,000 in four years if the discount rate is 8 percent per year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
The amount of money that needs to be deposited today is :
PV ( 1 + r)^n = FV
PV * (1.08)^4 = $3000
PV = $3,000/ 1.3605
= $2205.0717
= $2205.07 ( ROUNDED OFF TO TWO DECIMAL PLACES)
Alternatively,
FV = $3000
N = 4 YEARS
I/Y = 8%
COMPUTE PV
PV = $2205.09 ( ROUNDED OFF TWO DECIMAL PLACES)
How much money would you have to deposit today in order to have $3,000 in four...
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