You need to have $31,250 in 14 years. You can earn an annual…
You need to have $31,250 in 14 years. You can earn an annual interest rate of 4 percent for the first 4 years, 4.6 percent for the next 3 years, and 5.3 percent for the final 7 years. How much do you have to deposit today? (Assume annual compounding.)