56. Michaela would like to have $10,000 for a European vacation in four years. Currently, she has saved $8,000. If she puts $8,000 in an account that earns 6% interest, compounded annually, will she be able to take the vacation in four years?
57. Compute the present value of the following single amounts to be received at the end of the specified period at the given interest rate.
Invested
Interest
Number of
Item
Amount
Rate
Periods
a.
$40,000
7%
20
b.
$20,000
6%
25
c.
$50,000
11%
10
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