Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You need $3,000 to buy a new stereo for your car in 3 years. What value you must have now if the compounded annual return

You need $3,000 to buy a new stereo for your car in 3 years. What value you must have now if the compounded annual return is 10%
2. Your grandfather placed $5,000 in a trust fund for you. In 12 years what will be the worth of the savings If the estimated rate of return on the trust fund is 8%?

Step by Step Solution

3.43 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

The 1 2 compound interest formula A P 1 2 ht A Final Annual n number ... 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

An Introduction To Statistical Methods And Data Analysis

Authors: R. Lyman Ott, Micheal T. Longnecker

7th Edition

1305269470, 978-1305465527, 1305465520, 978-1305269477

More Books

Students also viewed these Law questions

Question

3 / 4 1 1 / 4 x Answered: 1 week ago

Answered: 1 week ago

Question

What is t he nervous syst em? (p. 1 9)

Answered: 1 week ago

Question

Draw a schematic diagram of I.C. engines and name the parts.

Answered: 1 week ago