Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. If your child earned $6000 at age 2, and you invested this money in a fund at 12% until she is 67 years old

image text in transcribed
3. If your child earned $6000 at age 2, and you invested this money in a fund at 12% until she is 67 years old (so you would compound this money for 65 years), how much money would she have if you compounded the money monthly? Explain why it is important to do you homework and find the best interest rate or return on your investment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance

Authors: Harvey Rosen

6th International Edition

0071121234, 978-0071121231

More Books

Students also viewed these Finance questions