Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your sister just deposited 8 5 0 0 into an investment account. She believes she will earn an annual return of 9 . 4 percent

Your sister just deposited 8500 into an investment account. She believes she will earn an annual return of 9.4percent in the next 9 years. You believe that yoy will only be able to earn an annual return of 8.8 percent over the same period. How mych more myst you deposit today in order to have the same anount as your sister in 9 years?

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

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions