Request for Finance assistance

Ok math guru's out in Degreeinfo land, I have a question for you.

What is the formula for determining the present value of money when I need 35K in 6 years at 8.4%? (meaning how much do I have to invest at 8.4% today to have 35K in 6 years)

I can't see to find that formula in any of my books. --- damn - stumped. (call it brain freeze)

Thanks
W.

 

Compunded...
amt = principal * (1+rate/100)to the power N where N is number of years

 

Or you could purchase a Texas Instruments BA II calculator for about 30 bucks. I've owned them for more than two decades! (The forumula is even in the instruction manual.)

 

Using the formulat above, that comes out to an initial investment of $21,572.10.

 

Thank you! Degreeinfo has come through again!


I took Rich's advice and bought the TI. I works!

W.