You want to have $30,000 saved 5 years from now to buy a house. How much less do you have to deposit today to reach this goal if you can earn 3.5 percent rather than 2.5 percent on your savings

If the deposit made today earns 2.50% on the savings

FV = PV (1+r)^n

$30,000 = PV / (1 + 0.025)^5

PV = $30,000 / (1+ 0.025)^5

PV = $26,515.63

If the deposit made today earns 3.50% on the savings

FV = PV (1+r)^n

$30,000 = PV (1+0.035)^5

PV = $30,000 / (1+0.035)^5

PV = $25,259.20

So, the amount less to be deposited today to reach this goal = $26,515.63 - $25,259.20 = $1,256.43

answer; swot analysis;

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