You are 19 years old today. You want to have $381,507.06 in an investment acce when you are 60 years old. You will start with an initial deposit in one year from and grow it by 3% per year for a total of 15 investments. How much is the amou of that initial deposit? Assume an interest rate (a.k.a. return on your investment 6%. Use the $ sign and a comma and round to the nearest thousand...(e.g. $8,00 would be the form of a correct answer). Hint..the correct answer should be ver close to a multiple of $1,000.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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You are 19 years old today. You want to have $381,507.06 in an investment account
when you are 60 years old. You will start with an initial deposit in one year from now
and grow it by 3% per year for a total of 15 investments. How much is the amount
of that initial deposit? Assume an interest rate (a.k.a. return on your investment of
6%. Use the $ sign and a comma and round to the nearest thousand...(e.g. $8,000
would be the form of a correct answer). Hint..the correct answer should be very
close to a multiple of $1,000.
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Transcribed Image Text:You are 19 years old today. You want to have $381,507.06 in an investment account when you are 60 years old. You will start with an initial deposit in one year from now and grow it by 3% per year for a total of 15 investments. How much is the amount of that initial deposit? Assume an interest rate (a.k.a. return on your investment of 6%. Use the $ sign and a comma and round to the nearest thousand...(e.g. $8,000 would be the form of a correct answer). Hint..the correct answer should be very close to a multiple of $1,000. Previous Page Next Page Page 16 of 19
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