vannacat1904 vannacat1904

24-06-2020
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James would like to deposit enough money in a savings account to have $8,000 at the end of year 3. Assuming the investment will earn 5% compounded annually, what amount should James deposit in the savings account today

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sqdancefan sqdancefan

24-06-2020

Answer:

$6910.70

Explanation:

At the end of each year, the account balance will be 1.05 times the value at the beginning of the year. Thus, at the end of year 3, the value is 1.05^3 times the original value.

$8000 = (deposit)×1.05^3

deposit = $8000/1.05^3 ≈ $6910.70

James should deposit $6910.70 today.

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