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In: Finance
Time Value Personal Finance Problem Misty needs to have $15 comma 00015,000 in 55 years to...
Time Value Personal Finance Problem Misty needs to have
$15 comma 00015,000
in
55
years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for
55
years until it grows to
$15 comma 00015,000,
but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest
$11 comma 20011,200
today.
The annually compounded rate of return Misty needs to earn to reach her goal is
nothing%.
(Round to two decimal places.)
Solutions
Expert Solution
SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.
IT LOOK LIKE 55 YEARS, BUT IT IS 5 YEARS, RIGHT ? . ALL VALUES ARE WRITTEN IN A JUMBLED WAY. SO IF ANY CHANGE NEEDED IN VALUES, LET ME KNOW. THANK YOU
jeff jeffy answered 1 year agoRelated Solutions
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