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James and Susan wish to have $10,000 available for their wedding in 2 years. How much money should they set aside now at 6% compounded monthly in order to reach their financial goal?
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5 votes
James and Susan wish to have $10,000 available for their wedding in 2 years.

How much money should they set aside now at 6% compounded monthly in
order to reach their financial goal?

User Anthony Miller
by
5.2k points

1 Answer

1 vote

They need to set aside $8871.86

User Shauno
by
5.1k points
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