You estimate that in two years time you will need $1150 in order to replace the floor
Question:
You estimate that in two years’ time you will need $1150 in order to replace the floor covering in your kitchen. Consider two choices:
1. Wait two years to take action.
2. Invest $1000 now (assume that interest is offered by the bank at the same rate as given in Example 9.1). What would you do (explain your answer)?
Example 9.1
Upon graduation, you start your first job at $80,000/y. You decide to set aside 10%, or $8000/y, for retirement in 40 years’ time, and you assume that you will live 20 years after retiring. You have been offered an investment that will pay you $106,667/y during your retirement years for the money you invest.
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Consider investing the 1000 today b...View the full answer
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