Question
(Rate of return of an annuity)You would like to have $1,000,000 45 years from now, but the most you can afford to invest each year
(Rate of return of an annuity)You would like to have $1,000,000 45 years from now, but the most you can afford to invest each year is $1,000.What annual rate of return will you have to earn to reach your goal?
(Monthly loan payment)Best Buy has a flat-screen HDTV on sale for $2,500.If you could borrow that amount from Carl's Credit Union at 12% for 1 year, what would be your monthly loan payments?
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CFIN
Authors: Scott Besley, Eugene Brigham
5th edition
1305661656, 9781305888036 , 978-1305666870
