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Celesta Frank wants to go on a cruise in three years. She could earn 8.2 percent compounded monthly in an account if she deposits the money today. She needs to have $10,000 in three years. How much will she have to deposit today

Respuesta :

Answer:

$7,825.78

Explanation:

In this question we use the Present value formula that is shown in the attachment below:

Given that,  

Future value = $10,000

Rate of interest = 8.2%  ÷ 12 months = 0.683333%

NPER = 3 years  × 12 months = 36 months

PMT = $0

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after solving this, the amount of deposit today is $7,825.78

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