Compound Interest, Future Value and Present Value
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You have inherited $60,000 and plan to buy a new home. If you invest $60,000 today at 5% compounded annually, how much could you spend on the house in 1 year? If you intend to spend $60,000 on a house in 1 year, how much of your inheritance should you invest today at 5%, compounded annually? How much do you have left to spend on a car?
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You have inherited $60,000 and plan to buy a new home. If you invest $60,000 today at 5% compounded annually, how much could you spend on the house in 1 year? If you intend to ...
Purchase this Solution
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