You need $150,000 in 18 years for your investment needs. If you can earn 6% per...
You need $150,000 in 18 years for your investment
needs. If you can earn 6% per year, how much do you need to invest
today?
Select one:
a. $62,551.57
b. $52,551.57
c. $72,851.57
d. $55,551.57
Homework Answers
b. $52,551.57
Compound interest formula
A = Final amt = 150,000
P = Principle / Present value = ?
r = Interesr rate = 6 % = 0.06
n = no. of times interest applied per time period = 1 (assuming compunded annualy)
t = no. of time periods = 18
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