Question: Time Value Personal Finance Problem Misty needs to have 520,000 in 5 years to fulfill her goal of purchasing a small sailboat She is willing
Time Value Personal Finance Problem Misty needs to have 520,000 in 5 years to fulfill her goal of purchasing a small sailboat She is willing to invest a lump sum today and leave the money untouched for 5 years until it grows to $20,000, but she wonders what sort of Investment retum she will need to earn to reach her goal Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest $14,400 today The annually compounded rate of return Misty needs to eam to teach her goal is % (Round to two decimal place)
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