This preview shows page 1. Sign up to view the full content.
Unit #7 Quiz Question Redo
Lisa wants to attend the University of Colorado. She will need to have $80,000.00 five years
from today. Lisa is wondering what she will have to put in the bank today so she will have
$80,000.00 in five years. Her bank pays 10% compounded quarterly. By using Table 103 in
the textbook, the amount Lisa will need to deposit is:
Please fill out all variables and solve. Submit to the Unit 7 drop box for +5 points added to
This is the end of the preview. Sign up
to
access the rest of the document.
Unformatted text preview: your score. Interest periods = 5 years X 4 quarters per year. Interest periods = 20 10%/4 =2.5% interest rate FV= $80,000 I= 2.5% N= 20 Table 103 value for 20 periods at 2.5% is 0.61027 $80,000*0.61027 = $48,821.60 Lisa will have to deposit $48,821.60 now to have $80,000 in five years....
View
Full
Document
This note was uploaded on 05/16/2011 for the course BUS 250 taught by Professor Barrie during the Spring '10 term at Kaplan University.
 Spring '10
 barrie
 Business

Click to edit the document details