Answered: Find how much money needs to be…

Find how much money needs to be deposited now into an account to obtain $40,000 in 5 years if the interest rate is 7% per year compounded annually. The final amount is $

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

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Find how much money needs to be deposited now into an
account to obtain $40,000 in 5 years if the interest rate is 7%
per year compounded annually.
The final amount is $
Round your answer to 2 decimal places

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