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A client needs to save $7500 dollars in 7 years. If they invest at \(\displaystyle 4.7\)% compounded monthly, how much do they need to invest today?


Using the forumla for present value \(\displaystyle PV = \frac{7500}{ (1 + (0.047/12))^{84} } = 5400.79\) dollars.

Download \(\LaTeX\)

\begin{question}A client needs to save \$7500 dollars in 7 years.  If they invest at $4.7$\% compounded monthly, how much do they need to invest today?
    \soln{9cm}{Using the forumla for present value $PV = \frac{7500}{ (1 + (0.047/12))^{84} } = 5400.79$ dollars. }

\end{question}

Download Question and Solution Environment\(\LaTeX\)
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HTML for Canvas
<p> <p>A client needs to save &#36;7500 dollars in 7 years.  If they invest at  <img class="equation_image" title=" \displaystyle 4.7 " src="/equation_images/%20%5Cdisplaystyle%204.7%20" alt="LaTeX:  \displaystyle 4.7 " data-equation-content=" \displaystyle 4.7 " /> &#37; compounded monthly, how much do they need to invest today?</p> </p>
HTML for Canvas
<p> <p>Using the forumla for present value  <img class="equation_image" title=" \displaystyle PV = \frac{7500}{ (1 + (0.047/12))^{84} } = 5400.79 " src="/equation_images/%20%5Cdisplaystyle%20PV%20%3D%20%5Cfrac%7B7500%7D%7B%20%281%20%2B%20%280.047/12%29%29%5E%7B84%7D%20%7D%20%3D%205400.79%20" alt="LaTeX:  \displaystyle PV = \frac{7500}{ (1 + (0.047/12))^{84} } = 5400.79 " data-equation-content=" \displaystyle PV = \frac{7500}{ (1 + (0.047/12))^{84} } = 5400.79 " />  dollars. </p> </p>