How much money should accumulate for down payment

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Question: John plans to buy a vacation home in 7 years from now and wants to have saved $87,902 for a down payment. How much money should he place today in a saving account that earns 4.21 percent per year (compounded daily) to accumulate money for his down payment?

Reference no: EM131798068

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How much money should accumulate for down payment : John plans to buy a vacation home in 7 years from now and wants to have saved $87,902 for a down payment. How much money should he place today in a saving.

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