Marco needs $175,000 six years from today. How much should Marco deposit today into an investment account that provides a 12% annual return in order to accomplish his goals? a. $89,523 b. $88,660 c. $85,487 d. $62,500

Marco needs $175,000 six years from today. How much should Marco deposit today into an investment account that provides a 12% annual return in order to accomplish his goals? a. $89,523 b. $88,660 c. $85,487 d. $62,500

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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Question

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Marco needs $175,000 six years from today. How much should Marco deposit today into an investment account that

provides a 12% annual return in order to accomplish his goals?

$89,523

$88,660

$85,487

$62,500

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