Personal Finance: Turning Money into Wealth (7th Edition) (Prentice Hall Series in Finance)
Personal Finance: Turning Money into Wealth (7th Edition) (Prentice Hall Series in Finance)
7th Edition
ISBN: 9780133856439
Author: Arthur J. Keown
Publisher: PEARSON
Question
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Chapter 4, Problem CC.10Q
Summary Introduction

To determine:

The value of T’s mutual fund at 7% rate of return when her son enters the college, her daughters turns 18 years old and at 9% rate of return when she turns 67 and the actual rate of return when she receives it as a gift.

Introduction:

Future value refers to the value that is to be received in future after considering the rate of interest on a particular investment for a number of periods of time. It is the total amount to be received by an investor on his investment after certain period with the component of interest.

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