Answered

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Bob wants to take his wife, Mary, to Europe in three years to commemorate their 40th wedding anniversary. He recently received a $25,000 inheritance from an uncle, which he plans to put towards the trip. Bill calculates that the trip will cost $30,000 and that he can earn 6% yearly compound interest on his investment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1, FVAD of $1, FVAD of $1, FVAD of $1, FVAD of $1, FVAD of $1, FVAD of $1, FVAD of $1, F (From the tables provided, select the appropriate factor(s).)

To calculate the future value, fill out the table below. Will he be able to pay for the trip with the money he has saved up? (Round up your totals to the nearest whole dollar amount.)

Sagot :

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Answer:

10%

Explanation:

Use future value formula

Future Value =  Present Value ((1+r)^n)

26,600 =  20,000 ((1+r)^3

26,600/20,000 = (1+r)^3

1.33 = (1+r)^3

1.33^1/3 = 1+r

1.0997 = 1+r

1.0997 - 1 = r

r = 0.997 = 9.97% = 10% (rounded of to the nearest whole percentage)

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