Number of periods = 10 * 12 = 120
Present value = Future value / (1 + r)n
Present value = 85,000 / (1 + 0.0078)120
Present value = 85,000 / 2.540519
Present value = $33,457.73
Amount of deposit should be $33,457.73
You need $85,000 in 10 years. If you can earn .78 percent per month, how much...
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