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Mel Ross thinks he would like to buy a used car in five years for $8,000. He wants to put the money ...

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Mel Ross thinks he would like to buy a used car in five years for $8,000. He wants to put the money ...

Mel Ross thinks he would like to buy a used car in five years for $8,000. He wants to put the money aside now so that in five years the $8,000 will be available. His bank offers him 12% interest, compounded semiannually. Calculate what Mel must invest today?

Note: Round your answer to the nearest cent.

Textbook

Math for Business and Finance: an Algebraic Approach

Edition: 3^rd

Author: Slater

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