If you want to have $22,431 in fifteen years, how much do you need to deposit in a bank account today? Assume that the annual interest rate is 10% compounded annually. Round your answer to the nearest one dollar.

If you want to have $22,431 in fifteen years, how much do you need to deposit in a bank account today? Assume that the annual interest rate is 10% compounded annually. Round your answer to the nearest one dollar.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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