What rate of return do you need to earn to achieve your goal

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Reference no: EM131847969

You invest $1,000 in savings account that pays 7 percent interest every year. How much would you have in twenty years?

A friend wants to borrow $600 from you and promises to pay you back in 5 years. You tell him that in five years he will have to pay you $700. What rate of interest are you charging your friend?

You currently have $10,000 and invest it at a rate of 5% per year. How long will it take for your investment to reach $20,000? $30,000?

You estimate that you will need about $80,000 to send your child to college in twenty years. You have about $10,000 now. If you can earn 12 percent per year, will you have enough money?

You would like to retire in 60 years as a millionaire. If you have $7,000 today, what rate of return do you need to earn to achieve your goal?

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Reference no: EM131847969

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