Chapter 6 exercises - 10.83471 is in the 25 th row Mike...

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EXERCISE 6-5 a) $30,000 * 4.96764= $149,029.20 b) $30,000 * 8.31256= $249,376.80 c) 1. $30,000 * 3.03735 * .50663= $46,164.38 2. (5.65022 – 4.11141) * $30,000= $46,164.30 The 8 cent difference between these two options is due to rounding. Exercise 6-10 a) $1,000,000/$92,296 = 10.83471 Table 6-1 Future Value of 1 at 10%
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Unformatted text preview: 10.83471 is in the 25 th row. Mike must leave the balance in the fund for 25 years. b) $1,000,000/$182,696 = 5.47357 Table 6-1 Future Value of 1 at 15 years 5.47357 at 15 years is located in the 12% column Serena must earn 12% on her initial investment to become a millionaire in 15 years....
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