Homework Help is Here – Start Your Trial Now!
Business
Finance
2. Wilson estimates that it will cost $85,000 to send his two year old son to ASU in 16 years. He currently has $9,000 to deposit in an account. What simple interest rate would he need so that $9,000 grows into $85,000 in 16 years? Round to the nearest percent. 85000 76000=(9000)(r)(16) 6000 10000r I=76000 nr 9000

2. Wilson estimates that it will cost $85,000 to send his two year old son to ASU in 16 years. He currently has $9,000 to deposit in an account. What simple interest rate would he need so that $9,000 grows into $85,000 in 16 years? Round to the nearest percent. 85000 76000=(9000)(r)(16) 6000 10000r I=76000 nr 9000

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
See similar textbooks
icon
Related questions
Question
Please check if I’m right :)
2. Wilson estimates that it will cost $85,000 to send his two year old son to ASU in 16 years. He currently has $9,000 to deposit in an account. What simple interest rate would he need so that $9,000 grows into $85,000 in 16 years? Round to the nearest percent. 85000 I=76000 p=9000 V=? 76000=(9000)(r)(16) 9000 t=16 76000 = 144000r 76000 7 14400 144000 7-811
Transcribed Image Text:2. Wilson estimates that it will cost $85,000 to send his two year old son to ASU in 16 years. He currently has $9,000 to deposit in an account. What simple interest rate would he need so that $9,000 grows into $85,000 in 16 years? Round to the nearest percent. 85000 I=76000 p=9000 V=? 76000=(9000)(r)(16) 9000 t=16 76000 = 144000r 76000 7 14400 144000 7-811
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Checking Accounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS