You want to accumulate $500,000 in a savings account in20 years. If the bank pays 6% compounded annually, howmuch should you deposit in the account?
You want to accumulate $500,000 in a savings account in20 years. If the bank pays 6% compounded annually, howmuch should you deposit in the account?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 4QTD
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You want to accumulate $500,000 in a savings account in
20 years. If the bank pays 6% compounded annually, how
much should you deposit in the account?
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