You have decided that you want to be a millionaire when you retire in 45 years. a. If you can earn an annual return of 11.36 percent, how much do you have to invest today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if you can earn an annual return of 5.68 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

You have decided that you want to be a millionaire when you retire in 45 years. a. If you can earn an annual return of 11.36 percent, how much do you have to invest today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if you can earn an annual return of 5.68 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 18PROB

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a.	If you can earn an annual return of 11.36 percent, how much do you have to invest today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b.	What if you can earn an annual return of 5.68 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)