ana wants to have $ 5,350,000 saved 10 years from now to buy a house. How much less does she have to deposit today to reach this goal if she can earn 9.5 percent rather than 9 percent on her savings? (Interest rate will be compounded annually) Kindly solve with formula not in excel

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Lana wants to have $ 5,350,000 saved 10 years from now to buy a house. How much less does she have to deposit today to reach this goal if she can earn 9.5 percent rather than 9 percent on her savings? (Interest rate will be compounded annually)

Kindly solve with formula not in excel

 

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