SOLUTION: how much must be deposited today into the following account in order to have $60,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account wi

Question 939514: how much must be deposited today into the following account in order to have $60,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with annual compounding and an APR of 6%
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
how much must be deposited today into the following account in order to have $60,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with annual compounding and an APR of 6%
:
let x = amt required
x(1.06^8) = 60000
x(1.593848) = 60000
x =
x = $37,644.74
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