Solution-Down payment on the property at that time

Down payment on the property at that time

Reference no: EM131373365

Bob Smith just graduated from college and is planning for his future. He wants to purchase his first house in five years. After his research, he realizes he needs to have $40,000 down payment on the property at that time. One bank's investment plan catches his eye to get the money he needs in five years. If Bob puts some money into the bank plan now, the bank will offer a return of 6% annual interest compounded quarterly for his investment. In order to have $40,000 in five years for his first house, how much money should Bob put into the investment account now (round to first decimal)?

Reference no: EM131373365

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Down payment on the property at that time

Reference no: EM131373365

Reference no: EM131373365

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