A student wants to have $30,000 at graduation 4 years from now to buy a new car. His grandfather gave him $10,000 as a high school graduation present. How much must the student save each year if he deposites the $10,000 today and can earn 12% on both the $10,000 and his earnings? A) $ 3309 B) $ 4409 C) $ 5509 D) $ 6609

A student wants to have $30,000 at graduation 4 years from now to buy a new car. His grandfather gave him $10,000 as a high school graduation present. How much must the student save each year if he deposites the $10,000 today and can earn 12% on both the $10,000 and his earnings? A) $ 3309 B) $ 4409 C) $ 5509 D) $ 6609

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 2DTM

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