(a) If Rinku deposits $15 per week, how much will she save in three years? How about $20 per week? (b) Find out exactly how much Rinku needs to deposit every week if she wants to save $5000 in three years.
(a) If Rinku deposits $15 per week, how much will she save in three years? How about $20 per week? (b) Find out exactly how much Rinku needs to deposit every week if she wants to save $5000 in three years.
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
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Please don't give handwritten answer and answer both subparts..thanku
Transcribed Image Text:Rinku has just finished her first year of university. She wants to tour Europe when
she graduates in three years. By having a part-time job through the school year and
a summer job during the summer, she plans to make regular weekly deposits into a
savings account, which bears 18 percent interest, compounded monthly.
(a) If Rinku deposits $15 per week, how much will she save in three years? How
about $20 per week?
(b) Find out exactly how much Rinku needs to deposit every week if she wants to
save $5000 in three years.
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