Math Solutions

[Steps Shown] Personal Finance Problem Time value Misty needs to have $15,000$ at the end of 5 years to fulfill her goal of purchasing a small sailboat.

Question: Personal Finance Problem

Time value Misty needs to have $15,000$ at the end of 5 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 5 years until it grows to $15,000, but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed in each of these cases:

  1. Misty can invest $10,200 today.
  2. Misty can invest $8,150 today.
  3. Misty can invest $7,150 today.

Price: $2.99
Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document


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