Misty needs to have $23,000 at the end of 8 years to fulfill her goal of purchasing a small sailboat. She is willing to

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answerhappygod
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Misty needs to have $23,000 at the end of 8 years to fulfill her goal of purchasing a small sailboat. She is willing to

Post by answerhappygod »

Misty needs to have $23,000 at the end of 8 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 8 years until it
grows to $23,000​, but she wonders what investment return she will
need to earn to reach her goal. Use your calculator or spreadsheet
to figure out the annually compounded rate of return required if
she could invest $16,200 today. (1 Mark)
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