Answered step by step
Verified Expert Solution
Question
1 Approved Answer
JUSUN ICIP Time Value Personal Finance Problem Misty needs to have $21,000 in 5 years to fulfill her goal of purchasing a small sailboat. She
JUSUN ICIP Time Value Personal Finance Problem Misty needs to have $21,000 in 5 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 5 years until it grows to $21,000, but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest $15.700 today. The annually compounded rate of return Misty needs to earn to reach her goal is % (Round to two decimal places)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started