Written Finance Assignment PROBLEM 2: When a medical student graduates in 8 years, she will need $25,700.00 to buy furniture for her medical office. What amount must she deposit now (at 8% compounded twice per year) to meet this future obligation?
a. What type of problem is this? (i.e. Simple Interest, Compound Interest, Annuity, etc) (1 pt)
b. What are you trying to find? (1 pt)
c. What formula should be used? (1 pt)
d. What variable are you solving for? (1 pt)
e. Solve the problem and show all of your work: (1 pt)
f. Interpret your work and write the answer using a complete sentence: (1 pt)