Answered step-by-step-George has a valuable painting that he believes will be worth...
-George has a valuable painting that he believes will be worth $70,000, 16 years from now. He was just offered $15,000 if he sells the painting today. What rate would George need for his painting to grow its worth to $70,000 by the end of the 16 years?
Group of answer choices
9.38%
-9.18%
10.65%
10.11%
-Jared has $4,500 in a retirement account. He has calculated that when he retires in 27 years, the account should have $80,000. If this account compounds interest every month, what rate does Jared have to earn in this account?
Group of answer choices
No solution / error
-10.61%
10.15%
10.71%
-Daniel wants to have $750,000, 25 years from now. He has invested $40,000 that he got from an inheritance. What rate of return does his investment need to earn in order for him to have the $750,000, 25 years in the future?
Group of answer choices
No solution / error
-11.06%
12.44%
12.25%
-A PV of $7,000 is expected to grow to equal a FV of $100,000, 22 years from now. With monthly compounding, what annual rate of return is required to make this happen?
Group of answer choices
12.15%
12.85%
-11.39%
12.03%
-Larry wants to have $1,500,000, 40 years from now. He has invested $60,000 that he got from an inheritance. What rate of return does his investment need to earn in order for him to have the $1,500,000, 40 years in the future?
Group of answer choices
-7.73%
No solution / error
8.38%
9.21%
-Fred has $17,000 in a special savings account. He wants it to grow to $60,000, 11 years from now. What rate would Fred need for his investment to grow to $60,000 by the end of the 11 years?
Group of answer choices
12.15%
11.84%
13.21%
-10.83%
Answer & Explanation
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Step-by-step explanation
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