solve the followings questions 3. You placed $5,000 in a trust fund for your son. In 12
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solve the followings questions
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3. You placed $5,000 in a trust fund for your son. In 12 years the fund will be worth $10,000. What is the rate of return on the trust fund? 4. You need $3,000 to buy a new HDTV system. If you have $1,200 to invest at 6% compounded annually, how long will you have to wait to buy the stereo? 5. At an interest rate of 10% and using the Rule of 72, how long will it take to double the value of a lump sum invested today? 3. You placed $5,000 in a trust fund for your son. In 12 years the fund will be worth $10,000. What is the rate of return on the trust fund? 4. You need $3,000 to buy a new HDTV system. If you have $1,200 to invest at 6% compounded annually, how long will you have to wait to buy the stereo? 5. At an interest rate of 10% and using the Rule of 72, how long will it take to double the value of a lump sum invested today?
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3 To find the rate of return on the trust fund we can use the formula for compound interest Future v... View the full answer
Related Book For
Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
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