Suppose you will need 50,000 in 12 years. If your bank compounds interest at an annual rate of 1

Name: Suppose you will need 50,000 in 12 years. If your bank compounds interest at an annual rate of 10%, how much will you need to deposit into your account 3 year(s) from now to reach your goal? Enter your answer rounded to two decimal places. Number
Uploaded: 2023-08-02T11:17:45-08:00
Duration: 1 min 38 s
Channel: Allison Knapp
Description: Suppose you will need 50,000 in 12 years. If your bank compounds interest at an annual rate of 10%, how much will you need to deposit into your account 3 year(s) from now to reach your goal? Enter your answer rounded to two decimal places. Number

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Allison Knapp · Accepted Answer

Step 1: Calculate the future value of $50,000 in 12 years with an annual interest rate of 10% co

Question

Suppose you will need $50,000 in 12 years. If your bank compounds interest at an annual rate of 10%, how much will you need to deposit into your account 3 year(s) from now to reach your goal? Enter your answer rounded to two decimal places. Number

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