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%
:
let x = amt required
x(1.06^8) = 60000
x(1.593848) = 60000
x = {{{60000/1.593848}}}
x = $37,644.74