You want to have $300,000 in 8 years. You want to start investing today in an account that pays compound interest, but does not know how much you need to invest.   Determine the amount of money you need to invest today at a semi-annual rate of interest of 4%. answer choices 293,822 218,534 250,699 160,172

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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You want to have $300,000 in 8 years. You want to start investing today in an account that pays compound interest, but does not know how much you need to invest.  

Determine the amount of money you need to invest today at a semi-annual rate of interest of 4%.

answer choices
293,822
218,534
250,699
160,172
 
 
 
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