If you want to have 60,000 and 8 years how much do you need to deposit in the bank today if the account pays an interest rate of 9% ?

Karl Giesing asked Dec 21, 2023

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2 votes

Karl Giesing asked Dec 21, 2023

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20 votes

Answer: $30111.98

Explanation:

60,000=x(1+0.09)^8

60,000=1.99256264169x

x=$30111.98

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