2) You want to have $140,000 in 10 years from now. To the nearest dollar, how...

 

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2) You want to have $140,000 in 10 years from now. To the nearest dollar, how much must you invest now in an account that will earn 6% compounded annually? Answer 3) You invest $1,000 today at 7% annual interest rate. How long will it take to be worth $5,000? State your answer in years (rounded to the nearest tenth of a year, meaning 2.09 years would be entered as 2.1 for example). Answer 2) You want to have $140,000 in 10 years from now. To the nearest dollar, how much must you invest now in an account that will earn 6% compounded annually? Answer 3) You invest $1,000 today at 7% annual interest rate. How long will it take to be worth $5,000? State your answer in years (rounded to the nearest tenth of a year, meaning 2.09 years would be entered as 2.1 for example). Answer

Answer rating: 100% (QA)

SOLUTION To calculate the present value of the amount needed in the future we can use the formula ... View the full answer