Loose Leaf for Personal Finance
Loose Leaf for Personal Finance
12th Edition
ISBN: 9781259720680
Author: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Publisher: McGraw-Hill Education
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Chapter 1, Problem 8FPP
Summary Introduction

To determine:

The amount to be deposited today to receive $20,000 after 5 years.

Introduction:
Time value of money is the idea that explains the decrease in the value of money due to increase in the time period. It explains that the value of money today worth more than the same value of money in the future.

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