You need to have $30,000 for a down payment on a house 6 in years. If you can earn an annual interest rate of 3.3 percent, how much will you have to deposit today?
Ans $ 24689.90
FV = | Future Value |
PV = | Present Value |
r = | rate of interest |
n= | no of period |
PV = | FV/ (1 + r )^n |
PV = | 30000 / ((1 + 3.3%)^6) |
PV = | 24689.90 |
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