(Related to Checkpoint 5.6) (Solving for ) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $12,000 in 8 years. Kirk currently has $4,487 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

(Related to Checkpoint 5.6) (Solving for ) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $12,000 in 8 years. Kirk currently has $4,487 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 3FPC

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