jocekinn jocekinn

10-04-2017
Mathematics

contestada

Find the lump sum that must be deposited today to have a future value of $32,000 in 5 years if funds earn 8% compounded annually

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Aliwohaish12 Aliwohaish12

10-04-2017

32000=p(1+0.08)^5
Solve for p
P=32000/(1.08)^5
P=32,000÷(1.08)^(5)
P=21,778.67

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