May has a goal to buy a house. She needs to save $20,000 for the down...
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May has a goal to buy a house. She needs to save $20,000 for the down payment. 1. She has $10,000 in an account that is earning 5%, posted annually. Will she have enough in 5 years? FV FV Rate FV 2. What if she saves $125 each month and the interest is compounded monthly Rate N per Rate N per PMT N per PMT 3. If interest rates rise such that her account now earns 7% how much faster will she reach her goal? PV (neg) PMT PV (neg) PV (neg) May has a goal to buy a house. She needs to save $20,000 for the down payment. 1. She has $10,000 in an account that is earning 5%, posted annually. Will she have enough in 5 years? FV FV Rate FV 2. What if she saves $125 each month and the interest is compounded monthly Rate N per Rate N per PMT N per PMT 3. If interest rates rise such that her account now earns 7% how much faster will she reach her goal? PV (neg) PMT PV (neg) PV (neg)
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1 If May has 10000 in an account that is earning 5 posted annually the amount of money she will have ... View the full answer
Related Book For
Business Statistics For Contemporary Decision Making
ISBN: 978-1118749647
8th edition
Authors: Black Ken
Posted Date:
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