Show formulas and calculations A student invests $2500 of their wages from their part-time job. They want it to grow to
Posted: Sun Jun 05, 2022 6:52 am
Show formulas and calculations
A student invests $2500 of their wages from their part-time job.
They want it to grow to $6000 for a down payment on a car they’re hoping to buy 9 years from now.
What annual interest rate, compounded annually would be needed to make this happen?
check the answer
PART 2 - Compound Interest on a lump sum 14 QUESTION 3 - Show formulas and calculations A student invests $2500 of their wages from their part- time job. They want it to grow to $6000 for a down payment on a car they're hoping to buy 9 years from now. What annual interest rate, compounded annually would be needed to make this happen? Future value = 6000 present Value = 2500 # of years = 9 future Value = present Value (1 + rate)" 6000=2500 (1+rate) Rate=10.22% Edit my response
A student invests $2500 of their wages from their part-time job.
They want it to grow to $6000 for a down payment on a car they’re hoping to buy 9 years from now.
What annual interest rate, compounded annually would be needed to make this happen?
check the answer
PART 2 - Compound Interest on a lump sum 14 QUESTION 3 - Show formulas and calculations A student invests $2500 of their wages from their part- time job. They want it to grow to $6000 for a down payment on a car they're hoping to buy 9 years from now. What annual interest rate, compounded annually would be needed to make this happen? Future value = 6000 present Value = 2500 # of years = 9 future Value = present Value (1 + rate)" 6000=2500 (1+rate) Rate=10.22% Edit my response