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John plans to buy a vacation home in 3 years from now and wants to have saved $60,518 for a down payment. How much money shou
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Answer #1

Ans 47677.84

FV = Future Value
PV = Present Value
r = rate of interest
n= no of period
PV = FV/ (1 + r )^n
PV = 60518 / ((1 + 7.95%/365)^1095)
PV = 47677.84
n = 3 years * 365 days
1095 periods
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