Trisha Long wants to buy a boat in five years. She estimates the boat will cost $15,000 at that time. What must Trisha deposit today in an account earning 5% annually co have enough to buy the boat in five years? Multiple Choice $11,752.50 $12,328.50 $11,527.50 None of these $11,077.50

Trisha Long wants to buy a boat in five years. She estimates the boat will cost $15,000 at that time. What must Trisha deposit today in an account earning 5% annually co have enough to buy the boat in five years? Multiple Choice $11,752.50 $12,328.50 $11,527.50 None of these $11,077.50

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.18E

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Factors Affecting Housing Decision

Question

Trisha Long wants to buy a boat in five years. She estimates the boat will cost $15,000 at that time. What must Trisha deposit today in an account earning 5% annually
to have enough to buy the boat in five years?
30
Multiple Choice
$11,752.50
$12,328.50
$1,527.50
None of these
$1,077.50

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