You plan to go to Asia to visit friends in three years. The trip is expected to cost a total of $10,000 at that time. Your parents have deposited $5,000 for you in a Certificate of Deposit paying 6% interest annually, maturing three years from now. Uncle Lee has agreed to pay for all remaining expenses. If you are going to put Uncle Lee's gift in an investment earning 10% over the next three years, how much must he deposit today, so you can visit your friends three years from today?
A. $3,039
B. $3,345
C. $5,801
D. $3,757
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You plan to go to Asia to visit friends in three years. The trip is expected to cost a total of $10,000 at that time. Your parents have ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
In addition to the new designer, Burberry also stepped up its involvement in social media, relationships with style magazines and connecting with high-profile trendsetters. This is an example of which concept?
Answers (1)
The beta of elsenore, inc., stock is 1.6, whereas the risk-free rate of return is 8 percent. if the expected return on the market is 15 percent, then what should investors expect as a return on elsenore
Answers (1)
What do college students need to spend more doing in order to meet long term academic goals
Answers (1)
Question 2: Now, you do the math: Tell us if you can afford the apartment using the details below. Your gross paycheck is $2100 per month. You're looking at a very small one-bedroom apartment that rents for only $650 per month.
Answers (1)
An employer pays $90 of a $100 group disability premium, and the employee pays the other $10. The disability benefit under the plan is $1,000/month.
Answers (2)
New Questions in Business
Explain what is meant by market research.
Answers (1)
Jean, a restaurant critic, publishes a review in a national daily that the sandwiches served at his friend's deli are usually not fresh. Tom, the owner of the deli, notices a significant decrease in customers after the review gets published.
Answers (1)
Why did the Soviet Union experience many surpluses and shortfalls? A) The labor force wasn't well educated B) The cold climate made farming hard C) Central planners could not manage every detail D) The country depended on imports to obtain resources.
Answers (1)
A hospitality operation has sales revenue of $462,000 with variable cost averaging 44%. Fixed costs are $188,000. The owner wants a net income after tax of $50,400 based on a tax rate of 28%. a.
Answers (1)
True or false fdr was eager to use deficit spending to end the economic crisis.
Answers (1)