1. If you deposit $5,000 today in an account paying 8%, how long does it take to...
Fantastic news! We've Found the answer you've been seeking!
Question:
1. If you deposit $5,000 today in an account paying 8%, how long does it take to grow to $15,000? Assume annual compounding.
2. You estimate that you will need $40,000 to spend on your dream wedding, due to be held 4 years from now. You have $15,000 to invest today. What nominal rate of interest must you earn on your investment to cover the cost of your dream wedding? Assume semiannual compounding
Related Book For
Posted Date: