Sandra needs to save $46000 over the next 5 years. If she can save $6400 per year and earn an 12% rate of return on an annualized basis, by how much (approximately) will she exceed or fall short of her goal?

Sandra needs to save $46000 over the next 5 years. If she can save $6400 per year and earn an 12% rate of return on an annualized basis, by how much (approximately) will she exceed or fall short of her goal?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 23P

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