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If you need $25,000 eight years from now, what is the minimum amount of money you need to deposit into a bank account that pays an annual percentage rate (APR) of 5% that is com…

If you need $25,000 eight years from now, what is the minimum amount of money you need to deposit into a bank account that pays an annual percentage rate (APR) of 5% that is com…
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1 vote
If you need $25,000 eight years from now, what is the minimum amount of money you need to deposit

into a bank account that pays an annual percentage rate (APR) of 5% that is compounded-
a. once a year?
Please Help me on this ! ( don’t send links)

If you need $25,000 eight years from now, what is the minimum amount of money you-example-1
asked
User Alex Dima
by
8.2k points

1 Answer

12 votes
About half of that because 8 x
12
answered
User Brandon Cordell
by
8.0k points
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