You want to have $56,000 in your bank account 4 years from now, in order to have enough for a belated honeymoon trip to the Maldives! How much do you have to set aside today in your bank account to reach this goal if your bank pays 3.9 percent interest to its depositors? O $66,652.32 O $65,260.47 O $57,486.38 O $48,053.59 O $47,037.23 O $43,749.41

You want to have $56,000 in your bank account 4 years from now, in order to have enough for a belated honeymoon trip to the Maldives! How much do you have to set aside today in your bank account to reach this goal if your bank pays 3.9 percent interest to its depositors? O $66,652.32 O $65,260.47 O $57,486.38 O $48,053.59 O $47,037.23 O $43,749.41

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
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