fteen years ago, Hailey invested $4,000 and locked in an annual interest rate of 7 percent for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in an interest rate of 9 percent. How much money should he invest now in order to have the same amount of money in 15 years as Hailey? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value--

fteen years ago, Hailey invested $4,000 and locked in an annual interest rate of 7 percent for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in an interest rate of 9 percent. How much money should he invest now in order to have the same amount of money in 15 years as Hailey? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value--

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.7P

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