In order to have money available for replacing their family vehicle, a couple plans to have $38,000 available 5 years from now by investing in a global mutual fund. If they plan to increase their savings by 5% each year, how much must they invest in the first year given that they expect to earn 4% per year on their investment?

Answer rating: 100% (QA)

To calculate how much the couple must invest in the first year in order to have 38000 available 5 ye... View the full answer