jdub2
Dec 22, 2009, 01:05 PM
Going to college in six years. I need $75,000. If I get 6% interest compounded simiannually, how much do I need to deposit today?
ROLCAM
Dec 23, 2009, 12:02 AM
1 1 1.03
2 1.03 1.0609
3 1.0609 1.092727
4 1.092727 1.12550881
5 1.12550881 1.159274074
6 1.159274074 1.194052297
7 1.194052297 1.229873865
8 1.229873865 1.266770081
9 1.266770081 1.304773184
10 1.304773184 1.343916379
11 1.343916379 1.384233871
12 1.384233871 1.425760887
75,000.00 52,603.49
You need to deposit $52,603.49.