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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 ...

salonijainnn

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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

Read 19 times

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jmoline2

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More solutions for this book are available here

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salonijainnn Author

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Thanks for your help!!

annakc

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Smart ... Thanks!

logbi

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You make an excellent tutor!

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