Question: How many years will it take for a $ 27,000 investment, at 8% annual interest compounded semi-annually, to grow to $ 35,000? Felipe wants to
How many years will it take for a $ 27,000 investment, at 8% annual interest compounded semi-annually, to grow to $ 35,000?
Felipe wants to open an account in which he hopes to deposit the following at the beginning of each year:
1: $ 35,000; 3: $ 21,500; 5: $ 17,000. If the rate of return you get in a bank is 7%, computed annually, how much will you have at the end of year 6 in your investment? (Hint: draw the timeline so as not to fail this problem)
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