Problem:
Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years.
Required:
Question: How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
- $19,444
- $22,680
- $16,670
- $26,454
Note: Please show guided help with steps and answer.