How much do you have to invest today to just fund your vacation if your investments earn 4.69% APR

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)?

Solutions

Expert Solution

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

jeff jeffy answered 2 years ago

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