Question
Your rich uncle will give you a gift of $6,000 at your graduation one year from now. You will invest this in an investment opportunity
Your rich uncle will give you a gift of $6,000 at your graduation one year from now. You will invest this in an investment opportunity that promises to pay 8 percent, compounded annually, until you have $60,000. How long will you need to wait, counting from today, till you accumulate this amount?
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Get StartedRecommended Textbook for
Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
14th edition
1285867971, 978-1305480742, 1305480740, 978-0357686393, 978-1285867977
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