You are planning to buy a house in five years.How much do you need to deposit today to have a $10,000 down payment if your investment will make 6%?
A)$6,000
B)$6,590
C)$7,470
D)$9,400
E)$10,000

Name: You are planning to buy a house in five years.How much do you need to deposit today to have a $10,000 down payment if your investment will make 6%? A)$6,000 B)$6,590 C)$7,470 D)$9,400 E)$10,000
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Question

Quizplus · Accepted Answer

Present Value (Exhibit 1-C in Chapter 1 appendix), $10,000 F1F1F1S1F1F1F10.747 = $7470.

You Are Planning to Buy a House in Five Years