As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest...
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As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique s dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad s advice. (For Questions 2-6) 2) Approximately how long will it take Enrique s investment to grow into $2,000? As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique s dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad s advice. (For Questions 2-6) 2) Approximately how long will it take Enrique s investment to grow into $2,000?
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Answer 9 years working Present Value 1000 Future value 200... View the full answer
Related Book For
Finance Applications and Theory
ISBN: 978-0077861681
3rd edition
Authors: Marcia Cornett, Troy Adair
Posted Date:
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