You want to build a house in 12 years. You estimate that the total cost will be $350,000. If you can put aside $20,000 at the end of each year, what rate of return must you earn in order to have the amount needed, assuming annual compounding? Multiple Choice Between 11% and 12% Between 8% and 9% 17% 6.63%

You want to build a house in 12 years. You estimate that the total cost will be $350,000. If you can put aside $20,000 at the end of each year, what rate of return must you earn in order to have the amount needed, assuming annual compounding? Multiple Choice Between 11% and 12% Between 8% and 9% 17% 6.63%

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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