1. John will be attending 4 years of undergraduate school and three more years of graduate school. He wants to have $18,000 in his savings account when he graduates in 7 years. How much must he deposit in an account now at a 2.2% interest rate that compounds monthly to meet his goal? Round your answer to the nearest dollar.
1. John will be attending 4 years of undergraduate school and three more years of graduate school. He wants to have $18,000 in his savings account when he graduates in 7 years. How much must he deposit in an account now at a 2.2% interest rate that compounds monthly to meet his goal? Round your answer to the nearest dollar.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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This is financial mathematics, thank youu!!
Transcribed Image Text:3.8 Present Value of Investments
1. John will be attending 4 years of undergraduate school and three more years of graduate
school. He wants to have $18,000 in his savings account when he graduates in 7 years. How
much must he deposit in an account now at a 2.2% interest rate that compounds monthly to
meet his goal? Round your answer to the nearest dollar.
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