Barry wants to re-model the store that he has for his business. His cousin Diego agrees to give him $100,000, but asks for 10 percent of the profits in return. Joseph's father William is reluctant to put his own money into the business, but finally agrees to lend $100,000 to him at an interest rate of 5 percent per year, with interest to be paid every month. The agreement is put in writing. What most accurately describes these arrangements?
Barry wants to re-model the store that he has for his business. His cousin Diego agrees to give him $100,000, but asks for 10 percent of the profits in return. Joseph's father William is reluctant to put his own money into the business, but finally agrees to lend $100,000 to him at an interest rate of 5 percent per year, with interest to be paid every month. The agreement is put in writing. What most accurately describes these arrangements?
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10) A whistleblower exposed an illegal payoff scheme at a prison. The whistleblower's attorney believes his client could be eligible for a $3 million whistleblower pay out. The whistleblower believes this is a good start, but would need $6 million to retire comfortably, with the lifestyle he desires. If able to collect on the $3 million, how many years would it take to double his money to $6 million, assuming a 5% discount rate? Calculate this for him using an Excel function, not with the rule of 72. (round to the nearest tenth of a year)
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