Assume you need $22,500 for the Australian vacation you hope to go on in 4 years....

 

Transcribed Image Text:

Assume you need $22,500 for the Australian vacation you hope to go on in 4 years. How much will you have to save annually, assuming you can invest at an 10% return? (a) $_ What if you could find a 12% annual return rate? How much would you need to save monthly? (b) $ What is the difference in monthly (HINT: Some conversion using the financial calculator is needed here for which value??) savings needed on the 10% vs. the 12%? (c) $. DC Assume you need $22,500 for the Australian vacation you hope to go on in 4 years. How much will you have to save annually, assuming you can invest at an 10% return? (a) $_ What if you could find a 12% annual return rate? How much would you need to save monthly? (b) $ What is the difference in monthly (HINT: Some conversion using the financial calculator is needed here for which value??) savings needed on the 10% vs. the 12%? (c) $. DC

Answer rating: 100% (QA)

a To calculate how much you need to save annually to reach 22500 in 4 years with a 10 annual return ... View the full answer