Question
Fifteen years ago, Hailey invested $5,000 and locked in an annual interest rate of 6 percent for 30 years ( ending 15 years from now
Fifteen years ago, Hailey invested $5,000 and locked in an annual interest rate of 6 percent for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in an interest rate of 8 percent.
How much money should he invest now in order to have the same amount of money in 15 years as Hailey?
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Finance Applications and Theory
Authors: Marcia Cornett, Troy Adair
3rd edition
1259252221, 007786168X, 9781259252228, 978-0077861681
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