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Calculate the amount that Jinhee needs to save each year for the down payment on a new car, assuming she can earn 13% on her savings?

Calculate the amount that Jinhee needs to save each year for the down payment on a new car, assuming she can earn 13% on her savings?

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
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. Calculate the amount that Jinhee needs to save each year for the down payment on a new car, assuming she can earn 13% on her savings?

2. Calculate how much she will need to save on a monthly bases assuming monthly compounding. for each scenario, how much of her down payment will come from interest earned?

 

Fill in the areas in red then work on the question Enter your age here: What time is it right now 30 years 12 hrs 20 mins Jinhee Ju, who just turned 32 just received an anticipated promotion at work that increased her annual salary to $ 24,000 She is eligible to participate in her employer's retirement plan to which the employer matches dollar-for-dollar workers' contributions up to 12% percent of salary. However, Jinhee wants to buy a new 3 years and she wants to save $42,000 sports car in $12,000 down payment on the car and finance the balance. Also in her plans is a wedding enough money to make a 7 years in the future, after he finishes medical $210,000 of student loans to repay after graduation. But both Jinhee and Paul want to buy a home Jinhee and her boyfriend, Paul have set a wedding date school. Paul will also have of their own as soon as possible. This might be possible because at age 37 , Jinhee will now be eligible to access a $ 34,000 trust fund left to her as an inheritance by her late grandfather. Her trust fund is invested in 6% government bonds.
Transcribed Image Text:Fill in the areas in red then work on the question Enter your age here: What time is it right now 30 years 12 hrs 20 mins Jinhee Ju, who just turned 32 just received an anticipated promotion at work that increased her annual salary to $ 24,000 She is eligible to participate in her employer's retirement plan to which the employer matches dollar-for-dollar workers' contributions up to 12% percent of salary. However, Jinhee wants to buy a new 3 years and she wants to save $42,000 sports car in $12,000 down payment on the car and finance the balance. Also in her plans is a wedding enough money to make a 7 years in the future, after he finishes medical $210,000 of student loans to repay after graduation. But both Jinhee and Paul want to buy a home Jinhee and her boyfriend, Paul have set a wedding date school. Paul will also have of their own as soon as possible. This might be possible because at age 37 , Jinhee will now be eligible to access a $ 34,000 trust fund left to her as an inheritance by her late grandfather. Her trust fund is invested in 6% government bonds.
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