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jeyben [28]
3 years ago
12

Isabel Lopez from Lewiston, Idaho, who is 19 years old, recently received an inheritance of $54,000 from her grandmother's estat

e. She plans to use the money for the down payment on a home in ten years when she finishes her education. Right now the funds are in a savings account paying 4.0 percent APY. How much would Isabel have in ten years if instead she purchased a ten-year CD paying 6.0 percent? Round your answer to the nearest dollar. (Hint: Use Appendix A.1 or visit the Garman/Forgue companion website.) Round Future value of a Single Amount in intermediate calculations to four decimal places.
Business
1 answer:
Zielflug [23.3K]3 years ago
3 0

Answer:

She will have $16,772.59 more in the second investment.

Explanation:

Giving the following information:

Recently she received an inheritance of $54,000 from her grandmother's estate. She plans to use the money for the down payment on a home in ten years when she finishes her education.

We need to use the following formula:

FV= PV*(1+i)^n

First savings account:

FV= 54,000*(1+0.04)^10= $79,933.19

Second investment:

FV= 54,000*(1+0.06)^10= $96,705.78

She will have (96,705.78 - 79,933.19) $16,772.59 more in the second investment.

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