In: Finance
You plan to take a vacation in 7 months that will cost $8,200. How much do you have to invest today to just fund your vacation if your investments earn 4.69% APR (compounded monthly)?
The amount that needs to be invested is calculated using the PV function:-
=PV(rate,nper,pmt,fv)
=PV(4.69%/12,7,,8200)
=7979.13