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This set of problems is designed to be calculated using the Excel or financial calculator.

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This set of problems is designed to be calculated using the Excel or financial calculator.
You can also use algebraic formulas. Do not use financial tables to calculate these problems.

Camila plans to go for vacation to Australia in 7 years from now. She estimates that she will need $20,419 for the trip. How much does she need to place in a saving account today that earns 7.44 percent per year (compounded quarterly) to accumulate this amount?

Round the answer to two decimal places

Your Answer:

 
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