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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Introduction To Finance Markets, Investments, And Financial Management
Authors: Ronald W Melicher, Edgar Norton
13th Edition
0470128925, 9780470128923
