Question 6 (10 marks) A Jack believes that if he invests his birthday gift of $10,000, he will be able to accumulate a t
Posted: Thu Dec 23, 2021 8:31 am
- Question 6 10 Marks A Jack Believes That If He Invests His Birthday Gift Of 10 000 He Will Be Able To Accumulate A T 1 (63.36 KiB) Viewed 97 times
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Question 6 (10 marks) A Jack believes that if he invests his birthday gift of $10,000, he will be able to accumulate a total of $25,000 by the time he graduates with a college degree in 8 years. What rate of return per year will Jack have to earn on his investment to make this belief come true? Show your working clearly and provide your answer to 2 decimal places. [5 marks] B Ann wants to deposit $25,680 for 12 years in an account that pays an interest rate of 12.5% per year. How much will she have at the end of 12 years? Show your working clearly and provide your answer to 2 decimal places. [5 Marks]