If you wish to accumulate $150,000 in 10 years, how much must you deposit today in a bank account that pays an annual interest rate of 12%?

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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Solve this question financial accounting

If you wish to accumulate $150,000 in 10
years, how much must you deposit today in a
bank account that pays an annual interest
rate of 12%?
Transcribed Image Text:If you wish to accumulate $150,000 in 10 years, how much must you deposit today in a bank account that pays an annual interest rate of 12%?
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