Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have $18,000 to pay cash for a Ventura Van, which he plans to purchase in one year? He can invest at 1.3% annually, compounded annually. The amount of money to be set aside is S. (Round to the nearest cent as needed.)

Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have $18,000 to pay cash for a Ventura Van, which he plans to purchase in one year? He can invest at 1.3% annually, compounded annually. The amount of money to be set aside is S. (Round to the nearest cent as needed.)

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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