How much money would you have to deposit today in order to have $5,000 in four...
How much money would you have to deposit today in order to have $5,000 in four years if the discount rate is 8 percent per year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
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Homework Answers
Present value=$5000*Present value of discounting factor(rate%,time period)
=$5000/1.08^4
=$5000*0.735029852
=$3675.15(Approx).
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