A real estate development company is planning to build five homes, each costing $175,000, in 2 1 2 years. The Galaxy Bank pays 6% interest compounded semiannually. How much (in $) should the company invest now to have sufficient funds to build the homes in the future?
A real estate development company is planning to build five homes, each costing $175,000, in 2 1 2 years. The Galaxy Bank pays 6% interest compounded semiannually. How much (in $) should the company invest now to have sufficient funds to build the homes in the future?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
Question
A real estate development company is planning to build five homes, each costing $175,000, in
2
years.
| 1 |
| 2 |
The Galaxy Bank pays 6% interest compounded semiannually. How much (in $) should the company invest now to have sufficient funds to build the homes in the future?
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