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I need help on questions 3, 4, & 5. More Info 1. Suppose you invest a sum of $3,500 in an interest-bearing account at the
I need help on questions 3, 4, & 5.
More Info 1. Suppose you invest a sum of $3,500 in an interest-bearing account at the rate of 14% per year. 2. How much would you need to invest now to be able to withdraw $6,000 at the end of every year 3. Assume that you want to have $140,000 saved seven years from now. If you can invest your 4. Your aunt Mary plans to give you $3,500 at the end of every year for the next ten years. If you What will the investment be worth six years from now? for the next 20 years? Assume a 12% interest rate. funds at an 8% interest rate, how much do you currently need to invest? invest each of her yearly gifts at a 12% interest rate, how much will they be worth at the end of the ten-year period? 5. Suppose you want to buy a small cabin in the mountains four years from now. You estimate that the property will cost $53,500 at that time. How much money do you need to invest each year in an interest-bearing account at the rate of 8% per year to accumulate the purchase price? Prin DoneStep by Step Solution
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