You borrowed 17085 from your uncle to finance your college, Financial Management

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You borrowed 17085 from your uncle to finance your college

You borrowed 17085 from your uncle to finance your college education your uncle repayment plan but he will charge an 8% interest compounded annually for any uncle payment plan is as follows

payment 1 $5000 two years from now

payment 2 $7000 three years from now

payment 3 $x five years from now

How much (x) do you need to come up with in years 5 to ensure you have to loan?

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Financial Management: You borrowed 17085 from your uncle to finance your college

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Financial Management: You borrowed 17085 from your uncle to finance your college

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