how much will she have to invest today to achieve her goal?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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Betty Harris wants to accumulate $11,000 by the end of 12 years. If the annual interest rate is 5.9 percent and interest compounds
semiannually, how much will she have to invest today to achieve her goal? (Round intermediate calculations to 6 decimal places, e.g.
2.512512 and final answer to 2 decimal places, e.g. 2,515.25.)
Present value of investment
$
Transcribed Image Text:Betty Harris wants to accumulate $11,000 by the end of 12 years. If the annual interest rate is 5.9 percent and interest compounds semiannually, how much will she have to invest today to achieve her goal? (Round intermediate calculations to 6 decimal places, e.g. 2.512512 and final answer to 2 decimal places, e.g. 2,515.25.) Present value of investment $
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