a) Maria has estimated that she needs $20,000 to fund an extended overseas holiday. How long...
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a) Maria has estimated that she needs $20,000 to fund an extended overseas holiday. How long would she need to invest their family's savings of $16,000 for if the bank offers her 5.62% p.a. interest compounded quarterly? b) Using the information from part a), Maria would like to invest the savings for 2 years. At what annual interest rate would the bank need to offer her to make this happen? Write your answer as a percentage rounded to 1 decimal place. a) Maria has estimated that she needs $20,000 to fund an extended overseas holiday. How long would she need to invest their family's savings of $16,000 for if the bank offers her 5.62% p.a. interest compounded quarterly? b) Using the information from part a), Maria would like to invest the savings for 2 years. At what annual interest rate would the bank need to offer her to make this happen? Write your answer as a percentage rounded to 1 decimal place.
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Related Book For
Fundamentals Of Investing
ISBN: 9780135175217
14th Edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
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