Solved: How much money should he place today in a saving account, Basic Statistics

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How much money should he place today in a saving account

Please assist with the formula.

John plans to buy a vacation home in 3 years from now and wants to have saved $53,142 for a down payment. How much money should he place today in a saving account that earns 7.66 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places.

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Basic Statistics: How much money should he place today in a saving account

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Basic Statistics: How much money should he place today in a saving account

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