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terrichichester-BU250-unit7-quiz-question-redo

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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 10-3 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
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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 10-3 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....
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