Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your boss at work just gave you a $500bonus for being an excellent employee.TheMcCormackeffectis real, gang. You want to put this money to work for

Your boss at work just gave you a $500bonus for being an excellent employee.TheMcCormackeffectis real, gang.

You want to put this money to work for you, so you invest it in an index fund with Vanguard that is projected to earn about 8% per year on average. Assuming that rate of return holds steady, what will you have in a decade? Round to the nearest dollar.

A.$500

B.$1079

C.$232

D.$540

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

Personal Finance

Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes

11th edition

9781259278617, 77861647, 1259278611, 978-0077861643

More Books

Students also viewed these Finance questions

Question

Describe four common misunderstandings of Gestalt psychology.

Answered: 1 week ago