You have $1,000 today in your savings account. How long must you wait for your savings to be worth $2,000 if you are earning 0.25 percent interest, compounded annually? years (XXX XX years) You want to have $40,000 for a down payment on a house 4 years from now. If you can earn 3.95 percent, compounded annually on your savings, how much do you need to deposit today to reach your goal? ($xxxxx.xx)
You have $1,000 today in your savings account. How long must you wait for your savings to be worth $2,000 if you are earning 0.25 percent interest, compounded annually? years (XXX XX years) You want to have $40,000 for a down payment on a house 4 years from now. If you can earn 3.95 percent, compounded annually on your savings, how much do you need to deposit today to reach your goal? ($xxxxx.xx)
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
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Transcribed Image Text:You have $1,000 today in your savings account. How long must you wait for your savings to be worth $2,000 if you are earning 0.25 percent interest, compounded annually?
years (XXX.XX years)
You want to have $40,000 for a down payment on a house 4 years from now. If you can earn 3.95 percent, compounded annually on your savings, how much do you need to deposit today to reach your goal?
($xxxx.xx)
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