Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your sister just deposited $8,000 into an investment account. She believes that she will earn an annual return of 9.3 percent for the next 10
Your sister just deposited $8,000 into an investment account. She believes that she will earn an annual return of 9.3 percent for the next 10 years. You believe that you will only be able to earn an annual return of 8.6 percent over the same period. How much more must you deposit today in order to have the same amount as your sister in 10 years?
$566.26
$495.48
$530.87
$144.69
$1,264.53
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