Hi I don't know the formula to use for this question.
Stephen plans to purchase a car in 5 years from now. The car will cost 32,000 at that time. Assume that Stephen can earn 7.32% (compounded monthly) on his money. How much should he set aside today for the purchase?
He set aside today... View the full answer
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Time Value of Money: It explains that money which is available at present is worth more... View the full answer