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John will need to make an initial deposit of $ to reach his goal of 1 million

John will need to make an initial deposit of $ to reach his goal of 1 million

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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John is 25 years old and wants to have 1 million dollars in savings by the time he retires at 65. He plans to open a savings account that pays 5% Interest compounded quarterly and he will be making quarterly deposits of $250 Into the account. John will need to make an initial deposit of $ Time Value of Money Solver Enter the given values. N: = 0 Number of Payment Periods 0 1:% = Annual Interest Rate as a Percent PV: = Present Value PMT: = 0 Payment FV: = Future Value 0 0 P/Y: 12 Payments per Year C/Y: 12 V Compounding Periods per Year PMT: = END M 39 Solve Solve Solve Solve Solve to reach his goal of 1 million G &
Transcribed Image Text:John is 25 years old and wants to have 1 million dollars in savings by the time he retires at 65. He plans to open a savings account that pays 5% Interest compounded quarterly and he will be making quarterly deposits of $250 Into the account. John will need to make an initial deposit of $ Time Value of Money Solver Enter the given values. N: = 0 Number of Payment Periods 0 1:% = Annual Interest Rate as a Percent PV: = Present Value PMT: = 0 Payment FV: = Future Value 0 0 P/Y: 12 Payments per Year C/Y: 12 V Compounding Periods per Year PMT: = END M 39 Solve Solve Solve Solve Solve to reach his goal of 1 million G &
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