Claire wants to buy a car when she graduates from North State University four years from now.
Question:
Claire wants to buy a car when she graduates from North State University four years from now. She believes that she will need $30,000 to buy the car.
Required
a. Calculate how much money Claire must put into her savings account today to have $30,000 in four years, assuming she can earn 8% compounded annually.
b. Calculate how much money Claire must put into her savings account today to have $30,000 in four years, assuming she can earn 8% compounded semi-annually.
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a Present value of 30000 received in 4 years ...View the full answer
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