Alan Bautista needs $28,500 in 10 years.
Question # 00522747
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Updated on: 05/05/2017 05:52 AM Due on: 05/05/2017
Brief Exercise 6-2
Alan Bautista needs $28,500 in 10 years.
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What amount must he invest today if his investment earns 12% compounded annually? What amount must he invest if his investment earns 12% annual interest compounded quarterly? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)
Investment at 12% annual interest$
Investment at 12% annual interest, compounded quarterly$
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Solution: Alan Bautista needs $28,500 in 10 years.