Question

You need to have $30,750 in 11 in years. You can earn an annual interest rate of 6 percent for the first 3 years, 6.6 percent for the next 2 years, and 7.3 percent for the final 6 years. How much do you have to deposit today

Answer 1

Answer:

=$14887.26

Explanation:

A=P(1+r/100)^n

where

A=future value

P=present value

r=rate of interest

n=time period.

30750=P*(1.06)^3*(1.066)^2*(1.073)^6

30750=P*2.065524435

P=30750/2.065524435

=$14887.26

Answer 2

answer is $14,887.26 i had this before