Tony Ring wants to attend Northeast College. He will need $60,000 4 years from today. Assume Tony’s bank pays 12% interest compounded semiannually. What must Tony deposit today so he will have $60,000 in 4 years?

Tony Ring wants to attend Northeast College. He will need $60,000 4 years from today. Assume Tony’s bank pays 12% interest compounded semiannually. What must Tony deposit today so he will have $60,000 in 4 years?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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