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If you need $25,000 eight years from now, what is the minimum amount of money you need to deposit into a bank account that pays an annual percentage rate (APR) of 5% that is compounded- a. once a year?
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6 votes
6 votes
If you need $25,000 eight years from now, what is the minimum amount of money you need to deposit

into a bank account that pays an annual percentage rate (APR) of 5% that is compounded-
a. once a year?
Please Help me on this ! ( don’t send links)

If you need $25,000 eight years from now, what is the minimum amount of money you-example-1
User Jurica Krizanic
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1 Answer

22 votes
22 votes
About half of that because 8 x
12
User Hcerim
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