You need to save $12,000 in 5 years. Investment 1 is a simple interest investment with 3% annual interest. How much would you need to invest in the beginning? Investment 2 is a compound interest investment with 3% annual interest compounded monthly. How much would you need to invest in the beginning? Investment 3 is a regular deposit account that earns 3% compound interest, compounded once a year. How much do you need to deposit and how often will you deposit it to reach your goal? What are the details of
You need to save $12,000 in 5 years. Investment 1 is a simple interest investment with 3% annual interest. How much would you need to invest in the beginning? Investment 2 is a compound interest investment with 3% annual interest compounded monthly. How much would you need to invest in the beginning? Investment 3 is a regular deposit account that earns 3% compound interest, compounded once a year. How much do you need to deposit and how often will you deposit it to reach your goal? What are the details of
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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