You need to save $12,000 in 5 years. Investment 1 is a simple interest investment with 3% annual interest. How much would you need to invest in the beginning? Investment 2 is a compound interest investment with 3% annual interest compounded monthly. How much would you need to invest in the beginning? Investment 3 is a regular deposit account that earns 3% compound interest, compounded once a year. How much do you need to deposit and how often will you deposit it to reach your goal? What are the details of

You need to save $12,000 in 5 years. Investment 1 is a simple interest investment with 3% annual interest. How much would you need to invest in the beginning? Investment 2 is a compound interest investment with 3% annual interest compounded monthly. How much would you need to invest in the beginning? Investment 3 is a regular deposit account that earns 3% compound interest, compounded once a year. How much do you need to deposit and how often will you deposit it to reach your goal? What are the details of

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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