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You have $17,250 you want to invest for the next 22 years. You are offered an investment plan that will pay you 7 percent per
You have $17,250 you want to invest for the next 22 years. You are offered an investment plan that will pay you 7 percent per year for the next 11 years and 11 percent per year for the last 11 years. |
a. | How much will you have at the end of the 22 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
b. | If the investment plan pays you 11 percent per year for the first 11 years and 7 percent per year for the next 11 years, how much will you have at the end of the 22 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Please answer question fully ASAP with the correct answers showing how to complete the problem.
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