Wendy and Walt want to accumulate $500,000 by the end of 5years. They can set as

Question

Wendy and Walt want to accumulate $500,000 by the end of 5years. They can set aside $25,000 this year and for thefollowing 4 years in an account that will earn 11% compoundinterest. How much additional money must they putinto the account as a single sum today in order toreach their goal? Show 2 step process to get answer using calculator PV,FV, PMT,I, N Wendy and Walt want to accumulate $500,000 by the end of 5years. They can set aside $25,000 this year and for thefollowing 4 years in an account that will earn 11% compoundinterest. How much additional money must they putinto the account as a single sum today in order toreach their goal? Show 2 step process to get answer using calculator PV,FV, PMT,I, N

Explanation / Answer

N=5 so the answer is wrong, $25,000 the first year and each additional 4 years....N=5

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