Zunio would like to buy his parents two return flight tickets to Seoul as their 37th wedding anniversary gift three years from now. The airfares is priced at RM3000 today. Inflation is expected to increase by 4% per year over a period of three years. How much must Janice deposit annually in an saving account paying 3% percent interest in order to have enough money to send her parents overseas three years later
Zunio would like to buy his parents two return flight tickets to Seoul as their 37th wedding anniversary gift three years from now. The airfares is priced at RM3000 today. Inflation is expected to increase by 4% per year over a period of three years. How much must Janice deposit annually in an saving account paying 3% percent interest in order to have enough money to send her parents overseas three years later
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Zunio would like to buy his parents two return flight tickets to Seoul as their 37th wedding anniversary gift three years from now. The airfares is priced at RM3000 today. Inflation is expected to increase by 4% per year over a period of three years. How much must Janice deposit annually in an saving account paying 3% percent interest in order to have enough money to send her parents overseas three years later?
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