Davis plans to save money to take a two-week cruise on December 31, 2028. On January 1, 2025, Davis plans to invest m an investment fund paying 9% interest to accumulate $11,000. How much should Davis deposit today to achieve the desi $11,000? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two d places (e.g., 52.75).) Table 3: Present Value of 1 (n) Periods 6% 7% 8% 9% 10% 11% 1 .94340 .93458 .92593 .91743 .90909 .90090 2 .89000 .87344 .85734 .84168 .82645 .81162 3 .83962 .81630 .79383 .77218 .75132 .73119 4 .79209 .76290 .73503 .70843 .68301 .65873 5 .74726 .71299 .68058 .64993 .62092 .59345 Amount to deposit $ Save for Later Attempts: 0 of 3 used Submit Ar
Davis plans to save money to take a two-week cruise on December 31, 2028. On January 1, 2025, Davis plans to invest m an investment fund paying 9% interest to accumulate $11,000. How much should Davis deposit today to achieve the desi $11,000? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two d places (e.g., 52.75).) Table 3: Present Value of 1 (n) Periods 6% 7% 8% 9% 10% 11% 1 .94340 .93458 .92593 .91743 .90909 .90090 2 .89000 .87344 .85734 .84168 .82645 .81162 3 .83962 .81630 .79383 .77218 .75132 .73119 4 .79209 .76290 .73503 .70843 .68301 .65873 5 .74726 .71299 .68058 .64993 .62092 .59345 Amount to deposit $ Save for Later Attempts: 0 of 3 used Submit Ar
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Davis plans to save money to take a two-week cruise on December 31, 2028. On January 1, 2025, Davis plans to invest m
an investment fund paying 9% interest to accumulate $11,000. How much should Davis deposit today to achieve the desi
$11,000? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two d
places (e.g., 52.75).)
Table 3: Present Value of 1
(n) Periods
6%
7%
8%
9%
10%
11%
1
.94340
.93458
.92593
.91743
.90909
.90090
2
.89000
.87344
.85734
.84168
.82645
.81162
3
.83962
.81630
.79383
.77218
.75132
.73119
4
.79209
.76290
.73503
.70843
.68301
.65873
5
.74726
.71299
.68058
.64993
.62092
.59345
Amount to deposit
$
Save for Later
Attempts: 0 of 3 used Submit Ar
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