You would like to take a trip in 10 years that is expected to cost $55,000 at that time. If you can invest money today at a rate of 8%, how much would you need to deposit today to fund this trip? PLEASE BREAK DOWN

You would like to take a trip in 10 years that is expected to cost $55,000 at that time. If you can invest money today at a rate of 8%, how much would you need to deposit today to fund this trip? PLEASE BREAK DOWN

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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