Question
6) Joseph also wants to have a quarter of a million dollars in his account when he reaches 60. Unfortunately, he got a slow start
6) Joseph also wants to have a quarter of a million dollars in his account when he reaches 60. Unfortunately, he got a slow start on saving and didn't invest until the age of 37. How much does he need to deposit in an account earning 6% to reach his goal? 7) Charles wants to go on a $15000 luxury safari in 5 years. If he deposits $3500 today, what interest rate will get him to the Serengeti? 8) Tanya wants to be able to withdraw $7000 at the end of 7 years and $9000 at the end of 8 years. If she can earn 5.5%, how much does she need to deposit in order to do that? (Hint: there are 2 different future values.)
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