Calculating the Number of Periods [LO 4] Solve for the unknown number of years in each of
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Calculating the Number of Periods [LO 4]
Solve for the unknown number of years in each of the following(Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations.Round your answers to 2 decimal places (e.g., 32.16)): |
Present Value | Years | Interest Rate | Future Value | |||||||||||
$ | 400 | 12 | % | $ | 1,255 | |||||||||
2,091 | 10 | 3,850 | ||||||||||||
33,105 | 15 | 388,620 | ||||||||||||
32,800 | 22 | 202,748 |
Assume the total cost of a college education will be $390,000 when your child enters college in 18 years. You presently have $64,000 to invest. |
Required: |
What annual rate of interest must you earn on your investment to cover the cost of your child |
Related Book For
Taxes And Business Strategy A Planning Approach
ISBN: 9780132752671
5th Edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon
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