Math Question Help Needed

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

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?

Jun 5th, 2015

Thank you for the opportunity to help you with your question!

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.
Jun 5th, 2015

This answer you provided is not in the list of mutiple choice answers that I am given

Jun 5th, 2015

666.67............................................

Jun 5th, 2015

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