SOLUTION: Mustafa just turned 22 and wants to have 10,000 saved by his thirtieth bday. Assuming no additional deposits, if he currently has 6,000 in an intermediate term bond fund earning a

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts  -> Lessons -> SOLUTION: Mustafa just turned 22 and wants to have 10,000 saved by his thirtieth bday. Assuming no additional deposits, if he currently has 6,000 in an intermediate term bond fund earning a       Log On


   

Question 229025: Mustafa just turned 22 and wants to have 10,000 saved by his thirtieth bday. Assuming no additional deposits, if he currently has 6,000 in an intermediate term bond fund earning a 5% yield, will he reach his goal? If not what rate of return is required to meet his goal.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Is it compounded? How often?
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Cheers,
Stan H.