Question
1. You plan to have a family retreat at a cost of $70,000. You found a CD that pays an interest rate of 9% per
1. You plan to have a family retreat at a cost of $70,000. You found a CD that pays an interest rate of 9% per year, compounding monthly.
(a) How much do you need to put in the CD account today, if the retreat takes place in 5 years?
b) If you can only come up with $40000 today, in how many years can you have the family retreat? O 9 years O 7 years O 8 years O 6 years
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Introduction To Personal Finance Beginning Your Financial Journey
Authors: Lance Palmer, John E. Grable
2nd Edition
1119797063, 978-1119797067
