After watching Small Laude’s vlogs, you decided that you want to pay for your dream car in cash. Not having enough money, you decided to borrow money from your friend, Pepito Manaloto. But being the shy person that you are, you decided to specifically put money away each year's “dream car” fund. The car you want to buy will cost $40,000in eight years. You are going to put aside $6,000 each year (for eight years) to save for this. At what interest rate must you invest your money to achieve your goal of having enough to purchase the car after eight years? a. 6.29% b. 4.71% c. 6.92% d. 4.17%

After watching Small Laude’s vlogs, you decided that you want to pay for your dream car in cash. Not having enough money, you decided to borrow money from your friend, Pepito Manaloto. But being the shy person that you are, you decided to specifically put money away each year's “dream car” fund. The car you want to buy will cost $40,000in eight years. You are going to put aside $6,000 each year (for eight years) to save for this. At what interest rate must you invest your money to achieve your goal of having enough to purchase the car after eight years? a. 6.29% b. 4.71% c. 6.92% d. 4.17%

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter18: Life-cycle Costing

Section: Chapter Questions

Problem 17RQ

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