Michelle wants to set aside funds to take an around the world cruise in 7 years. Michelle expects that she will need $26500 for her dream vacation. If she is able to earn 8% per annum on aninvestment, how much will she have to set aside today so that she will have sufficient funds available?O $15462.O $14316.O $2970.O $45414.

Time value of money: Time value of money refers to the concept that the value of money available at…

Answered: how much will she have to set aside…

Business

Accounting

how much will she have to set aside today so that she will have sufficient funds available?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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