When I was considering what to do with my $10,000 lottery winnings, my broker suggested that I invest half of it in gold, the value of which was growing by 10% per year, and the other half in certificates of deposit (CDs), which were yielding 4% per year, compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 15 years? (Round your answer to the nearest cent.)

When I was considering what to do with my $10,000 lottery winnings, my broker suggested that I invest half of it in gold, the value of which was growing by 10% per year, and the other half in certificates of deposit (CDs), which were yielding 4% per year, compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 15 years? (Round your answer to the nearest cent.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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When I was considering what to do with my $10,000 lottery winnings, my broker suggested that I invest half of it in gold,
the value of which was growing by 10% per year, and the other half in certificates of deposit (CDs), which were yielding 4%
per year, compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in
15 years? (Round your answer to the nearest cent.)

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