If you desire to have $10,000 for a down payment for a house in seven years, what amount would you need to deposit today...

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If you desire to have $10,000 for a down payment for a house in seven years, what amount would you need to deposit today...

If you desire to have $10,000 for a down payment for a house in seven years, what amount would you need to deposit today? Assume that your money will earn 6 percent. Use Exhibit 1-C. (Round time value factor to 3 decimal places and final answer to the nearest whole number.)

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Answer 1

Answer #1

FV-(1+i/n)Ant PV = r=rate per period t-years x compounding Deposit today $6,651 $10,000 (1+6%)^(7)

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Answer 2

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If you desire to have $10,000 for a down payment for a house in seven years, what amount would you need to deposit today...

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