SOLUTION: How much must be deposited today into the following account in order to have $ 60,000 in 7  years for a down payment on a house? Assume no additional deposits ar

Question 1127146: How much must be deposited today into the following account in order to have $ 60,000 in 7 years for a down payment on a house? Assume no additional deposits are made.
An account with annual compounding and an APR of 8%
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
60,000 = P(1+0.08)^7
P(1+0.08)^7 = 60,000
P(1.714) = 60,000
P = 60,000/1.714
P = 35,005.83 this is how much you have to deposit today.
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