SOLUTION: You have $10,000.00 to invest, at 5% annually and you keep the money invested for 10 years. What will this amount grow to? You will need $15,000.00 in 7 years when you want to

Question 923863: You have $10,000.00 to invest, at 5% annually and you keep the money invested for 10 years. What will this amount grow to?
You will need $15,000.00 in 7 years when you want to take a world cruise. If you can earn 6% annually how much do you need to invest now, in order to have the amount needed for the cruise?
what is the amount a person would have to deposit today to be able to take out $5000.00 per year for 10 years from an account getting 8% annually?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A) FV=10000(1.05)^10
B) 15000=P(1.06)^7

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