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3 June, 05:12

calculating present values you need $85,000 in 10 years. if you can earn. 65 percent per month, how much will you have to deposit today?

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  1. 3 June, 06:44
    0
    The correct answer is $39,062.98.

    Explanation:

    According to the scenario, the given data are as follows:

    Future value (FV) = $85,000

    Time period (t) = 12 months * 10 years = 120 months

    Interest rate (r) = 0.65% per month

    So, we can calculate the present value by using following formula:

    Present value = Future Value (1 / (1+r)) ^t

    = 85000 * (1 / (1+0.65%)) ^120

    = $39,062.98

    Hence the present value that has to be deposit today is $39,062.98
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