Determine the amount you must deposit today in your SUPER savings account, paying 10% interest, in...
Determine the amount you must deposit today in your SUPER savings account, paying 10% interest, in order to accumlate $7,500 for a down payment 3 years from now on a new car.
Homework Answers
amount to be deposited = future value/FVF
= $7500/1.331
= $5634.86
where,
FVF(10%,3) = 1.331
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Determine the amount you must deposit today in your SUPER savings account, paying 10% interest, in...
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