Imagine that Homer Simpson actually invested the $ 200,000 he earned providing Mr. Burns entertainment 10 years ago at 10.5 percent annual interest and that he starts investing an additional $ 1,600 a year today and at the beginning of each year for 15 years at the same 10.5 percent annual rate. How much money will Homer have 15 years from today? Question content area bottom Part 1 The amount of money Homer will have 15 years from now is $ enter your response here . (Round to the nearest cent.)
Imagine that Homer Simpson actually invested the $ 200,000 he earned providing Mr. Burns entertainment 10 years ago at 10.5 percent annual interest and that he starts investing an additional $ 1,600 a year today and at the beginning of each year for 15 years at the same 10.5 percent annual rate. How much money will Homer have 15 years from today? Question content area bottom Part 1 The amount of money Homer will have 15 years from now is $ enter your response here . (Round to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 39P
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Question
(
200,000 he earned providing Mr. Burns entertainment
10 years ago at
10.5 percent annual interest and that he starts investing an additional $
1,600 a year today and at the beginning of each year for
15 years at the same
10.5 percent annual rate. How much money will Homer have
15 years from today?
Question content area bottom
Part 1
The amount of money Homer will have
15 years from now is $
enter your response here
. (Round to the nearest cent.)
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