Question: Dan loves to work out. He has been saving money for a few years, and hopes to start his own gym. He currently has

Dan loves to work out. He has been saving money for a

Dan loves to work out. He has been saving money for a few years, and hopes to start his own gym. He currently has $200,000.00 and plans on buying an existing gym in 6 years. Considering an interest rate of 12%, how much money does he need to invest every year so he can make the purchase of $600,000 in year 6? a) How much does Dan have now in the bank? $ b) What is the number of years? c) What is the interest rate? d) How much does he need in year 6? $ e) How much does he need to invest every year to have a total of $600,000 for the purchase? $[ %

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