Accumulate money for his down payment

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John plans to buy a vacation home 12 years from now and wants to have saved $40,325 for a down payment. How much money should he place today in a savings account 8.84 percent per year (compounded daily) to accumulate money for his down payment?

Reference no: EM131328846

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Accumulate money for his down payment : John plans to buy a vacation home 12 years from now and wants to have saved $40,325 for a down payment. How much money should he place today in a savings account 8.84 percent per year (compounded daily) to accumulate money for his down payment?

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