Question
Sean will need $5,500 to go on holidays in 5 years' time. He decides to deposit $1,000 into a savings account at the end of
Sean will need $5,500 to go on holidays in 5 years' time. He decides to deposit $1,000 into a savings account at the end of every year for the next 5 years. This savings account pays 7.5% p.a. interest compounded annually. Will Sean have enough money to go on holidays?
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Fundamentals Of Corporate Finance
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
5th Edition
0135811600, 978-0135811603
