tobiascitlaly8659 tobiascitlaly8659

09-03-2020
Business

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You want to have $400,000 to purchase a house 10 years from today. Assuming you can earn 3 percent, compounded annually, how much money must you invest today

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anthonynguyen3006 anthonynguyen3006

10-03-2020

Answer:

$297,638

Explanation:

Future Value (FV) = 400,000 (The amount you need to have in 10 years)

n = 10 years

i/r = 3%/year

Present Value (PV) - Money you need to invest today:

= 400,000 / (1+0.03)^10 = $297,638

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