You have inherited $1,000,000 from a very distant relative! However, they have certain guidelines you MUST follow when spending the money. -25% of your inheritance must be donated to a non-profit charity of your choice. - You must purchase a home using between 15% and 40% of your inheritance. - You have to purchase yourself a reliable vehicle with no more than 5% of the $1,000,000. - You MUST go to college. 10% of your inheritance must be set aside for your education. - You must take your family on a vacation. This vacation can cost no more than 1% of your $1,000,000. - You must put 12% of your inheritance in a savings account. After all of these requirements have been met, you may spend the remainder of the money any way you choose!! Spend your money wisely and keep track of each transaction so you know how much you have remaining to spend your way.
You have inherited $1,000,000 from a very distant relative! However, they have certain guidelines you MUST follow when spending the money. -25% of your inheritance must be donated to a non-profit charity of your choice. - You must purchase a home using between 15% and 40% of your inheritance. - You have to purchase yourself a reliable vehicle with no more than 5% of the $1,000,000. - You MUST go to college. 10% of your inheritance must be set aside for your education. - You must take your family on a vacation. This vacation can cost no more than 1% of your $1,000,000. - You must put 12% of your inheritance in a savings account. After all of these requirements have been met, you may spend the remainder of the money any way you choose!! Spend your money wisely and keep track of each transaction so you know how much you have remaining to spend your way.
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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Transcribed Image Text:You have inherited $1,000,000 from a very distant relative! However, they
have certain guidelines you MUST follow when spending the money.
-25% of your inheritance must be donated to a non-profit charity of your
choice.
- You must purchase a home using between 15% and 40% of your
inheritance.
- You have to purchase yourself a reliable vehicle with no more than 5% of
the $1,000,000.
- You MUST go to college. 10% of your inheritance must be set aside for
your education.
- You must take your family on a vacation. This vacation can cost no more
than 1% of your $1,000,000.
- You must put 12% of your inheritance in a savings account.
After all of these requirements have been met, you may spend the
remainder of the money any way you choose!! Spend your money wisely
and keep track of each transaction so you know how much you have
remaining to spend your way.
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