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Find the lump sum that must be deposited today to have a future value of $24,000 in 6 years if funds earn 8% compounded quarterly. A. $14,921.28 B. $15,651.36 C. $18,652.30 D. $…

Find the lump sum that must be deposited today to have a future value of $24,000 in 6 years if funds earn 8% compounded quarterly. A. $14,921.28 B. $15,651.36 C. $18,652.30 D. $…
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Find the lump sum that must be deposited today to have a future value of $24,000 in 6 years if funds earn 8% compounded quarterly. A. $14,921.28

B. $15,651.36
C. $18,652.30
D. $28,651.12

asked
User Tejendra
by
8.5k points

1 Answer

2 votes

Answer:

A

Explanation:

24,000 = P(1 + 0.08/4)^24

P = 24,000 / (1.02)^24

= 14,921.28

answered
User Shubham Sejpal
by
8.1k points
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