SOLUTION: if you want to have $18,000 for a down payment on a house that you would like to buy in 7 years, how much would you need to set aside today? assume that you have access to a bank a

SOLUTION: if you want to have $18,000 for a down payment on a house that you would like to buy in 7 years, how much would you need to set aside today? assume that you have access to a bank a

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Question 686566: if you want to have $18,000 for a down payment on a house that you would like to buy in 7 years, how much would you need to set aside today? assume that you have access to a bank account that pays 9.25% annually compounded weekly.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
18000=P(1+0.0925/52)^52+7
18000=P(1.0017788)^364
18000=P(1.909627)
P=18000/1.909627
P=$9,425.92
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