You want to have $12,000 in 10 years for a dream vacation. If you can earn...
You want to have $12,000 in 10 years for a dream vacation. If you can earn an interest rate of .9 percent per month, how much will you have to deposit today?
Homework Answers
The amount to be deposited today is computed as shown below:
Present value = Future value / (1 + r )n
= $ 12,000 / (1 + 0.009 )10 x 12
= $ 12,000 / 1.009120
= $ 4,094.88 Approximately
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