You have $17,500 you want to invest for the next 40 years. You are offered an...
|
You have $17,500 you want to invest for the next 40 years. You are offered an investment plan that will pay you 6 percent per year for the next 20 years and 10 percent per year for the last 20 years. |
| a. |
How much will you have at the end of the 40 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| b. |
If the investment plan pays you 10 percent per year for the first 20 years and 6 percent per year for the next 20 years, how much will you have at the end of the 40 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Homework Answers
a.
Future Value = 17,500(1.06)20(1.10)20
Future Value = $377,580.07
b.
Future Value = 17,500(1.10)20(1.06)20
Future Value = $377,580.07
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