SOLUTION: How much must be deposited today into the following account in order to have $ 25000 in 7 years for a down payment on a​ house? Assume no additional deposits are made. An accoun

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Question 1146809: How much must be deposited today into the following account in order to have $ 25000 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 5​%
Answer by ikleyn(52777)   (Show Source): You can put this solution on YOUR website!
.

25000 =  =  = P*1.4071.


P =  = 17767.04  dollars.     ANSWER


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