Suppose that $1000 is needed in 5 years. You found an account that offers 0.47% interest compounded

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Suppose that $1000 is needed in 5 years. You found an account that offers 0.47% interest compounded monthly.

How much should be deposited now to achieve this goal?

How should you round your answer in this situation?

What is an annuity?

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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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Posted Date: Jul 25, 2023 05:43 AM

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Suppose that $1000 is needed in 5 years. You found an account that offers 0.47% interest compounded

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So you should deposit approximately 19906 now to achieve the goal of 1000 i... View the full answer

Personal Finance

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