How much must be deposited today into the following account in order to have $45,000 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 8% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

How much must be deposited today into the following account in order to have $45,000 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 8% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...

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