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Your big brother deposited $10,000 today at 9% interest for 6 years. You would like to have just as much money at the end of the next 6 years as your brother. However, you can only earn 7.5% interest. How much more money must you deposit today than your brother did if you are to have the same amount at the end of the 6 years? Multiple Choice $398.68 $487.63 $575.00 $648.21 $866.96

Your big brother deposited $10,000 today at 9% interest for 6 years. You would like to have just as much money at the end of the next 6 years as your brother. However, you can only earn 7.5% interest. How much more money must you deposit today than your brother did if you are to have the same amount at the end of the 6 years? Multiple Choice $398.68 $487.63 $575.00 $648.21 $866.96

Essentials Of Investments
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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Your big brother deposited $10,000 today at 9% interest for 6 years. You would like to have just as much money at the end of the next 6 years as your brother. However, you can only earn 7.5% interest. How much more money must you deposit today than your brother did if you are to have the same amount at the end of the 6 years? Multiple Choice $398.68 $487.63 $575.00 $648.21 $866.96
Transcribed Image Text:Your big brother deposited $10,000 today at 9% interest for 6 years. You would like to have just as much money at the end of the next 6 years as your brother. However, you can only earn 7.5% interest. How much more money must you deposit today than your brother did if you are to have the same amount at the end of the 6 years? Multiple Choice $398.68 $487.63 $575.00 $648.21 $866.96
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