COMMERCE FNCE2000 -You would like to buy a Mercedes Benz Class A.
Question # 00407887
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Updated on: 10/17/2016 11:53 PM Due on: 10/18/2016
You would like to buy a Mercedes Benz Class A. You have about $20,000 but the car costs $55,000. If you can earn 3% per annum, how much do you have to invest (today) to buy the car in 2 years? Assume the car price stays the same.
a.You are about $35,000 short.
b.You are about $31,842.78 short, even if you are willing to wait 2 years.
c.None of the other answers are true.
d. You are about $33,782 short, even if you are willing to wait 2 years.
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Solution: COMMERCE FNCE2000 -You would like to buy a Mercedes Benz Class A.