Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 19, 2024

You wish to invest $30,000 today in order to save $45,000 for a deposit to buy a house in several years time. How many years

You wish to invest $30,000 today in order to save $45,000 for a deposit to buy a house in several years time.

How many years must you invest in order to have a future value of $45,000 if the interest rate is 15%? Your answer needs to be correct to the nearest 0.5 year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 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

Foundations of Financial Management

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

16th edition

125927716X, 978-1259687969, 1259687961, 978-1259277160

More Books

Students also viewed these Finance questions

Question

★★★★★

Can you "decrypt" a hash of a message to get the original message? Explain your answer.

Answered: 1 week ago

Question

★★★★★

In business combination, the fair value of combinee plant assets was $ 850,000 and the carrying amount of plant assets was $ 750,000. The journal entry to allocate liquidated company to identifiable...

Answered: 1 week ago

Question

★★★★★

=+1. What are the benefits of adopting international accounting standards for (a) investors, and (b) business enterprises?

Answered: 1 week ago

Question

★★★★★

On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred....

Answered: 1 week ago

Question

★★★★★

You wish to invest $30,000 today in order to save $45,000 for a deposit to buy a house in several years time. How many years must you invest in order to have a future value of $45,000 if the interest...

Answered: 1 week ago

Question

★★★★★

Discuss the importance of budgets and explain how employee empowerment in participative budgeting can make budgets become more effective

Answered: 1 week ago

Question

★★★★★

eBay. An Australian collector has purchased a certain quantity of cricket cards and is going to sell them on eBay. He has 19 Ashes Cricket Card sets. In recent auctions, the mean selling price of...

Answered: 1 week ago

Question

★★★★★

28. Consider again the client in Problem 19 with A 3.5. a. If he chose to invest in the passive portfolio, what proportion, y, would he select? b. Is the fee (percentage of the investment in your...

Answered: 1 week ago

Question

★★★★★

Dell Company adopted a defined benefit pension plan on January 1, 2008. Dell amortizes the initial prior service cost of $1,334,400 over 16 years. It assumes a 7% discount rate and an 8% expected...

Answered: 1 week ago

Question

★★★★★

Nome Company sponsors a defined benefit plan covering all employees. Benefits are based on years of service and compensation levels at the time of retirement. Nome has a September 30 fiscal year-end....

Answered: 1 week ago

Question

★★★★★

Warren Corporation was organized on January 1, 2008 with an authorization of 500,000 shares of common stock ($5 par value per share). During 2008, the company had the following capital transactions:...

Answered: 1 week ago

Previous Question Next Question