Pete Leary wants to attend College. Seven years from today he will need $30,000. If Pete's bank pays 5% interest compounded semiannually, what must Pete deposit today to have $30,000 in 7 years?
Pete Leary wants to attend College. Seven years from today he will need $30,000. If Pete's bank pays 5% interest compounded semiannually, what must Pete deposit today to have $30,000 in 7 years?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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Pete Leary wants to attend College. Seven years from today he will need $30,000. If Pete's bank pays 5% interest compounded semiannually, what must Pete deposit today to have $30,000 in 7 years?
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