“Present Value Formula

Sep 9th, 2015
Price: $5 USD

Question description

My best friend and her new husband (Fred and Ethel) just got back from their honeymoon which was a trip down the River Nile in Egypt. They are excited about traveling together as a couple and they want to start saving for a very special trip. My own 25th wedding anniversary falls in the same month as Fred and Ethel’s 12th anniversary and they thought it would be fun to plan a trip together. They have done a little research enough to realize we will need about $8,000 per couple set aside for this trip. Fred also found an investment opportunity which promises to have an average return of about 9% per year if one invests long term. We need to know how much each couple needs to invest now to reach their goal in time.

Tutor Answer

(Top Tutor) Daniel C.
School: University of Virginia

Studypool has helped 1,244,100 students

Review from our student for this Answer

Sep 9th, 2015
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors