If you wish to have $60,000 in 8 years, how much do you need to deposit in the bank today if the account pays 9% using present value and future value.

To be able to have $60,000 after 8 years at a rate of 9% per annum, the amount to deposit today is $30,111.98

You can solve this using the Future Value formula which is:

Future value = Present value x ( 1 + rate)^ number of years

You have everything except the present value so solve for it:

60,000 = PV x ( 1 + 9%)⁸

60,000 = PV x 1.9925626416901921

PV = 60,000 / 1.9925626416901921

PV = $30,111.98

In conclusion, you should deposit $30,111.98 today.

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Amount to deposit= $26799.0

Step-by-step explanation:

Amount A = $60,000

Years t = 8 years,

Rate R = 9% .

A= p(1+r/n)^(nt)

60000= p(1+0.09/9)^(9*9)

60000= p(1+0.01)^(81)

60000= p(1.01)^81

60000= p(2.23888)

60000/2.23888= p

26799.1138= p

P= $26799.0

Amount to deposit= $26799.0

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