Time Value Personal Finance Problem Misty needs to have $16,000 in 8 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 8 years until it grows to $16,000 , but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of retum needed if she can invest $11,500 today. The annually compounded rate of return Misty needs to earn to reach her goal is \%. (Round to two decimal piaces.)

Time Value Personal Finance Problem Misty needs to have $16,000 in 8 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 8 years until it grows to $16,000 , but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of retum needed if she can invest $11,500 today. The annually compounded rate of return Misty needs to earn to reach her goal is \%. (Round to two decimal piaces.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 3FPE

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