Fifteen years ago, Hailey invested $5,000 and locked in an annual interest rate of 6 percent for
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Question:
Fifteen years ago, Hailey invested $5,000 and locked in an annual interest rate of 6 percent for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in an interest rate of 8 percent.
How much money should he invest now in order to have the same amount of money in 15 years as Hailey?
Related Book For
Finance Applications and Theory
ISBN: 978-0077861681
3rd edition
Authors: Marcia Cornett, Troy Adair
Posted Date: