Your older sister deposited $100,000 today at 12.5 percent interest for 10 years. You would like to have just as much money at the end of the next 10 years as your sister will have. However, you can only earn 10 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 10 years? Question 6 options: 25,198 20,614 15,398 10,568 12,460
Your older sister deposited $100,000 today at 12.5 percent interest for 10 years. You would like to have just as much money at the end of the next 10 years as your sister will have. However, you can only earn 10 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 10 years? Question 6 options: 25,198 20,614 15,398 10,568 12,460
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.20MCE
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Question
Your older sister deposited $100,000 today at 12.5 percent interest for 10 years. You would like to have just as much money at the end of the next 10 years as your sister will have. However, you can only earn 10 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 10 years?
Question 6 options:
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25,198 |
|
|
20,614 |
|
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15,398 |
|
|
10,568 |
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|
12,460 |
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