Skippy wants to have $16,000.00 in 7 years. His bank is offering an account that earns 2% compounded monthly. How much does he need to deposit to reach his goal? Round your final answer up to the nearest cent. Assume no additional deposits or withdrawals are made after the initial deposit.

Skippy wants to have $16,000.00 in 7 years. His bank is offering an account that earns 2% compounded monthly. How much does he need to deposit to reach his goal? Round your final answer up to the nearest cent. Assume no additional deposits or withdrawals are made after the initial deposit.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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Skippy wants to have $16,000.00 in 7 years. His bank is
offering an account that earns 2% compounded monthly. How
much does he need to deposit to reach his goal? Round your
final answer up to the nearest cent. Assume no additional
deposits or withdrawals are made after the initial deposit.
Principal

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