Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $9,265 in 8 years. Kirk currently has $4,650 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? Click the table icon to view the PVIF table The annual rate of return Kirk must earn on his investment is %. (Round to the nearest integer.) Help me solve this View an example Get more help - Clear all Check answer
Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $9,265 in 8 years. Kirk currently has $4,650 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? Click the table icon to view the PVIF table The annual rate of return Kirk must earn on his investment is %. (Round to the nearest integer.) Help me solve this View an example Get more help - Clear all Check answer
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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