Fifteen years ago, Hailey invested $5,000 and locked in an annual interest rate of 6 percent for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in an interest rate of 8 percent.

How much money should he invest now in order to have the same amount of money in 15 years as Hailey?

Answer rating: 100% (QA)

We can solve this problem by using the concept of future value and working backwards to find t... View the full answer