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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Jannah is planning to visit her friends in London in three-year time from now. She needs a total of RM30,000 for that purpose. She has deposited RM12,000 in her savings account which pays 4% interest annually. Her parents promised to finance the balance by putting a sum of money in an investment earning 15% annually. How much do you think her parents must deposit now in order for her to have a total of RM30,000 at the end of year three?
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