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How much will need to deposit in a lump sum amount today

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Problem 1:   Kristen deposits $1,000 into a GIC paying 4% per annum. What is the future value of the GIC if it is left untouched for 5 years?

Problem 2: Stacey and Steven will need $20,000 to pay for their wedding in 3 years' time. They can earn a return of 3% per annum. How much will they need to deposit in a lump sum amount today (present value) so that they will have the funds needed to pay for the wedding?

Reference no: EM132864921

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