Account in order to have funds

Reference no: EM13157366

Cathy wants to have $28,000 in cash 5 years from now in order to pay for improvements that must be made to her small office at that time. If Cathy finds a savings account that pays annual interest of 4.1% compounded monthly, then how much should she invest right now in the account in order to have the funds in 5 years?

Reference no: EM13157366

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Account in order to have funds : Cathy wants to have $28,000 in cash 5 years from now in order to pay for improvements that must be made to her small office at that time. If Cathy finds a savings account that pays annual interest of 4.1% compounded monthly, then how much should s..

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