SOLUTION: An investment company pays 6% compounded semiannually. You want to have 24,000 in the future. How much should you deposit now to have that amount 5 years from now?

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Question 512512: An investment company pays 6% compounded semiannually. You want to have 24,000 in the future. How much should you deposit now to have that amount 5 years from now?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
24000=P(1+0.06/2)^2*5
24000=P(1.03)^10
24000=P(1.3439)
24000/1.3439=P
P=$17,858.47