5. I have $2500 to invest. Solve each of the following. a. If I invest...
50.1K
Verified Solution
Link Copied!
Question
Finance
5. I have $2500 to invest. Solve each of the following.
a. If I invest my $2500 at an annual rate of 6.25%, how much money will my investment be worth in 20 years?
b. At an annual rate of 6.25%, how long will it take before my investment will be worth $6000?
c. If I need my investment to be worth $10000 in 20 years, what annual rate of return (APY) will I need to get?
d. If I use an account compounding monthly what interest rate (APR) would I need to get for my original $2500 investment to be worth $10000 in 20 years?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
