Chapter 4 question 13 Ten years ago, Hailey invested $3,200 and locked in an 8 p

Question

Chapter 4 question 13

Ten years ago, Hailey invested $3,200 and locked in an 8 percent annual interest rate for 20 years (ending 10 years from now). Aidan can make a 10-year investment today and lock in a 10 percent
interest rate.

How much money should he invest now in order to have the same amount of money in 10 years as Hailey? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

How much money should he invest now in order to have the same amount of money in 10 years as Hailey? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Explanation / Answer

Chapter 4 question 13 Ten years ago, Hailey invested $3,200 and locked in an 8 p

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