Question
Ramon and Mia want to invest $4,420 at the end of this year into an investment account. They plan to invest 8.8% more next year,
Ramon and Mia want to invest $4,420 at the end of this year into an investment account. They plan to invest 8.8% more next year, and will continue to increase their contributions 8.8% from each year to the next. Assuming the annual investment rate of return is 5.0%, what will be the value of the investment at the end of 11 years?
Round the answer to two decimals.
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
