You intend to buy a vacation home in seven years and plan to have saved $50,000 for a down payment. How much money would you have to place today into an investment that earns 8% per year to have enough for your desired down payment?
A) $29,175
B) $29,100
C) $37,065
D) $25,000
Answer: A
Explanation: A) PV = = = $29, 174.52
MODE = END
INPUT 7 8 ? 0 -50,000
KEY N I/Y PV PMT FV
CPT 29,174.52
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