MyFinanceLab With eText - Access (Custom Package)
15th Edition
ISBN: 9781269945684
Author: Pearson
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 5.8P
Learning Goal 2
P5-8 Time value Misty needs to have $15,000 in 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
- a. Misty can invest $10,200 today.
- b. Misty can invest $8,150 today.
- c. Misty can invest $7,150 today.
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Chapter 5 Solutions
MyFinanceLab With eText - Access (Custom Package)
Ch. 5.1 - What is the difference between future value and...Ch. 5.1 - Define and differentiate among the three basic...Ch. 5.2 - Prob. 5.3RQCh. 5.2 - Prob. 5.4RQCh. 5.2 - Prob. 5.5RQCh. 5.2 - Prob. 5.6RQCh. 5.2 - Prob. 5.7RQCh. 5.3 - What is the difference between an ordinary annuity...Ch. 5.3 - What are the most efficient ways to calculate the...Ch. 5.3 - How can the formula for the future value of an...
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