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.

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.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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