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You need to borrow money today from your father. You can make payments like this: 1st year: $1000, 2nd year: $2,000, 3rd year: $3,000, 4th
You need to borrow money today from your father. You can make payments like this: 1st year: $1000, 2nd year: $2,000, 3rd year: $3,000, 4th year: $4,000, 5th year: $5,000. Your dad says that hes getting 4% on his CDs, compounded annually, and you'll need to pay him the same rate. How much can you borrow?
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