6. Milton is trying to convince you to invest in his restaurant deal and make...
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6. Milton is trying to convince you to invest in his restaurant deal and make ten annual pay- ments of $500, with the first payment due today. If the market rate of interest is 6%, how much will this investment be worth at the end of ten years? An investment banker is offering a fixed-income investment that guarantees an 8% interest rate. It requires you to make monthly payments, with the first payment due today. If your goal is to have $10,000 in ten years, how much would you need to invest monthly to reach your goal? If you made annual payments with the first payment due today, what would your annual payment need to be for this investment to be worth $10,000 at the end of the ten- year period? 7
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