QuestionFind the present value needed today at 8% interest to have \$1,500 in 5 years. Round factor to 3 decimals, answer to 2.

Studdy Solution
Calculate the present value.
$$PV = \$1,500 /1.4693 = \$1,020.93$$The person would have to deposit approximately $1,020.93 today to have$1,500 five years from now.