Business Finance
Math Question Help Needed

Question Description

In 6 years you are going to need $1000. How much will you need to invest today at 7% in order to save the money you need?

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Final Answer

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FV = X * (1 + i)^n
1000=x*(1+.07)^6
1000=x*(1.07)^6
x=1000/1.50
x=667 aprox
you need to invest 667$ today...............................................


Please let me know if you need any clarification. I'm always happy to answer your questions.

vicky david (178)
University of Virginia

Anonymous
Excellent resource! Really helped me get the gist of things.

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