Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I want you to take a moment and calculate how much you spend on buying food that is unhealthy, or if you can get

image text in transcribed

I want you to take a moment and calculate how much you spend on buying food that is unhealthy, or if you can get a Project: Do you think you could save about half a million dollars by not frequently visiting a coffee shop healthier or cheaper version by making it at home. Suppose you could save $4 to $5 a day by not going to a coffee shop, bar, or fast-food restaurant, which adds up $30 a week or approximately $120 a month. You deposit $120 into an S&P 500 index fund, which, on average, will give you about a 6% interest. Use the following formula to calculate how much money you will have in 50 years. PX ((1+/-)nt-1) A = A is the future value of the investment, P is the monthly payment amount, r is the monthly interest rate (expressed as a decimal) n is the number of payments per year, t is number of years. 18/6/1220005

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Financial Management Principles and Applications

Authors: Sheridan Titman, Arthur Keown, John Martin

12th edition

133423824, 978-0133423822

More Books

Students also viewed these Finance questions