Kirk Van Houten, who has been married for 23 years, would like to buy his wife...
Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $11,175 in 7 years. Kirk currently has $4,750 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?
Homework Answers
| $11,175 is the FV and $4,750 is the PV, 7 | |
| being n. | |
| So we have, | |
| 11175 = 4750*(1+r)^7 | |
| Solving for n | |
| n = (11175/4750)^(1/7)-1 = | 13.00% |
| CHECK: | |
| 4750*1.13^7 = | $ 11,175 |
Add Answer to:
Kirk Van Houten, who has been married for 23 years, would like
to buy his wife...
Kirk Van Houten, who has been married for 23 years, would like to buy his wife...
Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $9,948 in 7 years. Kirk currently has $4,500 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? Click the table icon to view the PVIF table : The annual rate...
Problem P3-16 (similar to) EQuestion Help Ques Kirk Van Houten, who has been married for 23...
Problem P3-16 (similar to) EQuestion Help Ques Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $13,283 in 7 years. Kirk currently has $4,700 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? Click the table icon to...
(Related to Checkpoint 5.6) (Solving for f) Kirk Van Houten, who has been married for 22...
(Related to Checkpoint 5.6) (Solving for f) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $11,500 in 8 years. Kirk currently has $4,422 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return...
business finance
Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $10,000 in 7 years. Kirk currently has $4,416 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?The annual rate of return Kirk must earn on his investment to accumulate enough money to...
Homework
Kirk Van Houten, who has been married for 21 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $12,500 in 9 years. Kirk currently has $4,461 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?
Homework
Solving for i) Kirk Van Houten, who has been married for 21 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $12,500 in 9 years. Kirk currently has $4,461 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?
for 15 years, would like to buy his wife an expenisive diamond ring with a platinum...
for 15 years, would like to buy his wife an expenisive diamond ring with a platinum setting on their 30-year wedding sary Assume that the cost of the ring will be $32,121 in 15 years. Kirk currently has $4,500 to invest. What annual rate of refurn must Kirk earn on his estment to aocumulate enouph money to pay for the ing? Cliak the table icon toview the PVI table The annual rate retu Krkmust earn n his investment is %....
Bill O’Brien would like to take his wife, Mary, on a trip three years from now...
Bill O’Brien would like to take his wife, Mary, on a trip three years from now to Europe to celebrate their 40th anniversary. He has just received a $26,000 inheritance from an uncle and intends to invest it for the trip. Bill estimates the trip will cost $33,280. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) What interest rate, compounded annually, must...
I need help solving this problem. Bill O'Brien would like to take his wife, Mary, on...
I need help solving this problem. Bill O'Brien would like to take his wife, Mary, on a trip four years from now to Europe to celebrate their 40th anniversary. He has just received a $18541 inheritance from an uncle and intends to invest it for the trip. Bill estimates the trip will cost $25121 and he believes he can earn 5.00% annual interest, compounded annually, on his investment. How much will Bill need to pay, in additional to his inheritance,...
(2 pts) Larry would like to retire in 25 years. He currently has $150,000 in his...
(2 pts) Larry would like to retire in 25 years. He currently has $150,000 in his retirement account and is planning on depositing an additional $800 each month in his retirement account. If Larry can earn an average APR of 7% per year compounded monthly, how much money will be in his retirement account after 25 years? 3)
Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $9,948 in 7 years. Kirk currently has $4,500 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? Click the table icon to view the PVIF table : The annual rate...
Problem P3-16 (similar to) EQuestion Help Ques Kirk Van Houten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $13,283 in 7 years. Kirk currently has $4,700 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? Click the table icon to...
(Related to Checkpoint 5.6) (Solving for f) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $11,500 in 8 years. Kirk currently has $4,422 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return...
for 15 years, would like to buy his wife an expenisive diamond ring with a platinum setting on their 30-year wedding sary Assume that the cost of the ring will be $32,121 in 15 years. Kirk currently has $4,500 to invest. What annual rate of refurn must Kirk earn on his estment to aocumulate enouph money to pay for the ing? Cliak the table icon toview the PVI table The annual rate retu Krkmust earn n his investment is %....
(2 pts) Larry would like to retire in 25 years. He currently has $150,000 in his retirement account and is planning on depositing an additional $800 each month in his retirement account. If Larry can earn an average APR of 7% per year compounded monthly, how much money will be in his retirement account after 25 years? 3)
Most questions answered within 3 hours.
-
Write a C – program that calls a user-defined function from
within main() that determines the...
asked 18 seconds from now -
For a 2-Level design, with 8 factors, a recommended screening
design model is:
a. Taguchi L12...
asked 39 minutes ago -
1. Define a function in python that returns the sum of the
following 4 lists. Remember...
asked 30 minutes ago -
Elspeth, associate research specialist for a marketing research
firm in a large Midwestern city, had just...
asked 30 minutes ago -
If domestic savings are insufficient to finance domestic private
investment and exports are greater than imports,...
asked 46 minutes ago -
Q.4.
Use the format in Exhibit 9-1 to compute the ending LIFO
inventory and cost of...
asked 51 minutes ago -
Discuss the different receiving and dispatch equipment required
for uploading and loading different types of material...
asked 56 minutes ago -
Which of the following is true for simultaneous testing?
a. Net specificity is greater than the...
asked 1 hour ago -
Discuss the importance of homologous recombination and
transposition in natural horizontal gene transfer and evolution. Be...
asked 1 hour ago -
Brittle material has the properties Sut = 30 kpsi and Suc = 90
kpsi. Using the...
asked 1 hour ago -
*
write about Plastic recycling statistics ( Plastic recycling rate )
last two years , i...
asked 1 hour ago -
The activation energy for a given reaction is 50.3 kJ/mol. If
the rate constant for the...
asked 1 hour ago