Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Three part question You need $82, 288 in 8 years. Required: If you can earn 0.55 percent per month, how much will you have to

Three part question

image text in transcribed

You need $82, 288 in 8 years. Required: If you can earn 0.55 percent per month, how much will you have to deposit today? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) You have $6, 800 to deposit. Regency Bank offers 6 percent per year compounded monthly (0.50 percent per month), while King Bank offers 6 percent but will only compound annually. Required: How much will your investment be worth in 20 years at each bank? For Regency Bank: For King Bank: Assume a bronze sculpture sold in 2003 at auction for a price of $10, 381, 845. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12, 113, 967. Required: What was his annual rate of return on this sculpture? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places (e.g., 32.16).)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Handbook Of Alternative Assets

Authors: Peter Temple

1st Edition

161477076X, 978-1906659219

More Books

Students also viewed these Finance questions

Question

Understanding Groups

Answered: 1 week ago