Rachel McGovern bought a 10-year bond for $921.77 seven years ago. The bond pays a coupon of 15 percent semiannually. Today, the
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Answer:
At the end of the 4th year, the original $87,000 less an annual vacation expense of $10,000 would have compounded at an interest rate of 7% to become $69,640
Graduate school costs $24,060. The funds will expire after 2.9 years
Explanation:
Kindly refer to the attached document for clearer breakdown of the workings
