Stuart needs 60000 as a down payment for a house 5 years, Financial Management

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Stuart needs 60000 as a down payment for a house 5 years

Stuart needs $60,000 as a down payment for a house 5 years from now. He earns 3% per year on his savings. Stuart can either deposit one lump sum today for this purpose or he can wait a year and deposit a lump sum. How much additional money must he deposit if he waits for one year rather than making the deposit today?

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Financial Management: Stuart needs 60000 as a down payment for a house 5 years

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Financial Management: Stuart needs 60000 as a down payment for a house 5 years

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