Question
Mike would like to buy a new car. He has $50,000, but the car costs $68,500. If Mike can earn 9% compounded annually, how much
Mike would like to buy a new car. He has $50,000, but the car costs $68,500. If Mike can earn 9% compounded annually, how much does Mike need to invest today to buy the new car in two years? Does he have enough? Assume the price will stay the same.
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Practical financial management
Authors: William r. Lasher
5th Edition
0324422636, 978-0324422634
