(NOTE: ENTER YOUR ANSWER WITHOUT THE $ AND COMMA, ROUNDED TO THE NEAREST DOLLAR, for instance as 10023, not as $10,022.78.) A rental property manager anticipates a major repair, with a cost of $62906, will be necessary 5 years from now. Assuming the manager can earn 8% per year by placing funds in the company's investment pool, how much does he need to put in the investment pool today to have enough to finance the repair in 5 years? DO NOT ROUND IN YOUR CALCULATION STEPS (USE CALCULATOR MEMORY FUNCTIONS)! Answer:

(NOTE: ENTER YOUR ANSWER WITHOUT THE $ AND COMMA, ROUNDED TO THE NEAREST DOLLAR, for instance as 10023, not as $10,022.78.) A rental property manager anticipates a major repair, with a cost of $62906, will be necessary 5 years from now. Assuming the manager can earn 8% per year by placing funds in the company's investment pool, how much does he need to put in the investment pool today to have enough to finance the repair in 5 years? DO NOT ROUND IN YOUR CALCULATION STEPS (USE CALCULATOR MEMORY FUNCTIONS)! Answer:

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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