If you want to have $10,000 in 10 years, which of the following formulas represents how much money you must put in a savings account today? Assume that the savings account pays 6% and it is compounded monthly. 10,000/(1+.006)^120 10,000/(1+.0
If you want to have $10,000 in 10 years, which of the following formulas represents how much money you must put in a savings account today? Assume that the savings account pays 6% and it is compounded monthly.
Answer
10,000/(1+.006)^120
10,000/(1+.06)^10
10,000/(1+.005)^120
10,000/(1+.05)^10
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