Xamantha Smith plans to go on vacation to Europe in 2020. The cost of the trip It can be $ 15,000. She wants to finance her trip through an investment to a compound interest rate of 9 percent. How mu...
Xamantha Smith plans to go on vacation to Europe in
2020. The cost of the trip
It can be $ 15,000. She wants to finance her trip through an
investment to a
compound interest rate of 9 percent. How much should Mrs.
Smith
Deposit today in a mutual fund to get your goal of $
25,000?
Xamantha Smith plans to go on vacation to Europe in 2020. The cost of the trip can be $ 15,000. She wants to finance her trip through an investment at a compound interest rate of 9 percent. How much must Ms. Smith deposit today in a mutual fund to get her goal of $ 25,000?
Homework Answers
For a goal of $25000
Present value =Future value/(1+Rate)^number of periods
= 25000/(1+0.09)^1
= 22935.78
Amount to be invested = $ 22,935.78
For a cost of $15000
Present value =Future value/(1+Rate)^number of periods
= 15000/(1+0.09)^1
=13761.47
Amount to be invested = $13761.47
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