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You and your sister are planning a large anniversary party 3 years from today for your parents' 50th wedding anniversary. You have estimated that you will need $6,500 for this party. You can earn 2.6 percent compounded annually on your savings. How much would you and your sister have to deposit today in one lump sum to pay for the entire party?$6,076.55$6,018.26$6,308.16$5,934.90$5,868.81

Respuesta :

Answer:

$6,018.26

Explanation:

In this question, we have to find out the present value. The computation of the present value is shown below:

Present value = Future value ÷ ( 1 + rate of interest) ^ time period

                       = $6,500 ÷ ( 1 + 2.6%) ^ 3 years

                       = $6,500 ÷ (1.026) ^ 3 years

                       = $6,500 ÷ 1.0800

                       = $6,018.26

     

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