You just inherited $10,000. While you plan to squander some of it away, how much should you deposit in an account earning 7% interest per year if you'd like to have $10,000 in the account in 10 years?
Homework Answers
Present Worth = F(P/F, i, n)
= 10,000(P/F, 7%, 10)
= 10,000(0.5083)
= $5,083
Thus, you should deposit $5,083 in an account
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You just inherited $10,000. While you plan to squander some of it away, how much should...
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