Claire wants to buy a car when she graduates from North State University 5 years from now.
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Question:
Claire wants to buy a car when she graduates from North State University 5 years from now. She believes that she will need $29,500 to buy the car.
Calculate how much money Claire must put into her savings account today to have $29,500 in 5 years, assuming she can earn 14% compound semiannually. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58, 975.) ***Please show how to find the compounding rate. I can't figure how dividing it by 2 gets the right decimal number. Below is the table for reference
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