Jackie Rich would like to buy a $26,000 Toyota hybrid car in 5 years. Jackie wants...
Jackie Rich would like to buy a $26,000 Toyota hybrid car in 5
years. Jackie wants to put the money aside now. Jackie’s bank
offers 10% interest compounded semiannually.
How much must Jackie invest today? (Do not round
intermediate calculations. Round your answer to the nearest
cent.)
Homework Answers
| Amount required at the end of 5yrs | 26000 | ||||
| Multipy: PVF at 5% for 10th period | 0.613913 | ||||
| Amount to be invested today | 15961.74 | ||||
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