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please solve 9 & 10. Thank you. 9. Orlando is thinking about purchasing a new Mercedes Benz after completing this Finance class this Fall. Orlando
please solve 9 & 10. Thank you.
9. Orlando is thinking about purchasing a new Mercedes Benz after completing this Finance class this Fall. Orlando currently has $75,000 saved up towards the purchase of a brand-new E-Class. The current MSRP listed on his dream car states $88,500. Orlando can earn 6 percent in interest if he invests his money. Part A: How much should he have to invest today to buy his dream car in two years? Part B: Does Orlando have enough funds saved to purchase the car? Assume the price will stay the same. Round up your answer to two decimal places. 10. Suppose you need to have $100,000 in five years saved at the bank. If you can earn 7% on a quarterly basis, how much do you have to invest now to make sure that you have the $100,000 in the bank when you need it? Round up your answer to two decimal places Step by Step Solution
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