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How much put into account earning four percent per year

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Reference no: EM133005937

Problem 1: You want to buy a place to live soon after graduation. You can purchase a small place for $250,000. You will a 10% down payment. How much should you put into an account earning 4% per year in order that you will have the necessary down payment in 5 years time?

Select one:

a. $20,548
b. $21,542
c. $21,524
d. $155,230
e. $20,584

Reference no: EM133005937

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