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How much cash would you need to invest today if you knew you had to pay $1,000 each month for the next 5 years. Assume the annual interest rate is 12%. Round your answer to the nearest dollar.
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20 votes
20 votes
How much cash would you need to invest today if you knew you had to pay $1,000 each month for the next 5 years. Assume the annual interest rate is 12%. Round your answer to the nearest dollar.

User Bmscomp
by
3.3k points

1 Answer

4 votes
4 votes

Answer:

5600 $

Explanation:

1000 multiply by 5 = 5000 multiply by 12 percent

600 add by 5000

5600

User Neron Joseph
by
2.7k points
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