Question
Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on
Kirk Van Houten, who has been married for
23
years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be
$10,000
in
7
years. Kirk currently has
$4,430
to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?
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Financial Management Core Concepts
Authors: Raymond Brooks
3rd Edition
0133866742, 9780133866742
