Question
Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 10 years. He estimates the roof
| Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 10 years. He estimates the roof will cost him $11,400 at that time. |
| What amount should Jim invest today at 6% compounded quarterly to be able to pay for the roof? (Do not round intermediate calculations. Round your answer to the nearest cent.) |
| Amount to be invested | $ |
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Personal Financial Planning For Executives And Entrepreneurs
Authors: Michael J. Nathanson, Jeffrey T. Craig, Jennifer A. Geoghegan, Nadine Gordon Lee, Michael A. Haber, Seth P. Hieken, Matthew C. Ilteris, D. Scott McDonald, Joseph A. Salvati, Stephen R. Stelljes
1st Edition
3030405273, 978-3030405274
