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Answer: I must invest <u>$68,163.04</u> today to buy a Ferrari 10 years from now.
We can interpret the data in the question as follows.
We need $185000 after 10 years, so this is the Future Value of an investment made today. We have to calculate the amount to be invested.
We need to use the Present Value formula in order to find the amount to be invested.
The formula is :
Substituting the values we get,
Answer:
e. a and c
Explanation:
The law of demand states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded. This occurs because of the law of diminishing marginal utility.
The law of diminishing marginal utility states that the more of a commodity is consumed, the lower the utility derived from the consumption of the product.
It follows that Jorge and karissa would demand less of pencils and sweaters as their prices rise.
The demand curve is usually downward sloping to illustrate the law of demand.
