Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You just received a graduation gift of $16,000 from your rich aunt. As alumni of UC's Lindner College of Business, you've learned the importance of

You just received a graduation gift of $16,000 from your rich aunt. As alumni of UC's Lindner College of Business, you've learned the importance of compound interest. Therefore, you decide to invest this gift for 30 years. If you expect to earn 11.68 percent, what is the expected future value of your investment? None of these options are correct O $202,880.00 O $439,928.54 O $342,750.69 O $581.91
image text in transcribed
You just received a graduation gift of $16,000 from your rich aunt. As alumni of UC's Lindner College of Business, you've learned the importance of compound interest. Therefore, you decide to invest this gift for 30 years. If you expect to earn 11.68 percent, what is the expected future value of your investment? None of these options are correct $202,880.00 $439,928.54 $342,750.69 $581.91

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_2

Step: 3

blur-text-image_3

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

Overcoming Debt Achieving Financial Freedom

Authors: Cindy Zuniga-Sanchez

1st Edition

1119902320, 978-1119902324

More Books

Students also viewed these Finance questions

Question

what is the value of the following python expression 1 9 / 4 / 2

Answered: 1 week ago