“Present Value Formula

Sep 9th, 2015
RockCafe
Category:
Algebra
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.


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(Top Tutor) Daniel C.
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