Question: Question I ( 5 points ) : Time Value of Money You plan to buy a new car in 3 years that is projected to
Question I points: Time Value of Money
You plan to buy a new car in years that is projected to cost $ at that time. To save for this purchase, you intend to invest $ at the end of each of the next years into a savings account that earns an annual interest rate of compounded annually.
Question: How much do you need to invest today in the same savings account to have a total of $ in years? Hint: Use the PV function in Excel. The answer should be a whole number.
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