You need $20,000 five years from now. The account pays 9% compounded annually. If you will receive $5,000 at the

You need $20,000 five years from now. The account pays 9% compounded annually. If you will receive $5,000 at the

Question:

You need $20,000 five years from now. The account pays 9% compounded annually. If you will receive $5,000 at the end of year 5, how much do you have to deposit today? 

Expert Answer:

Answer rating: 100% (QA)

To find out how much you need to deposit today to have 20 000 i
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