Willy wants to have dollar 7000 available after four year, Ask an Expert

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Willy wants to have dollar 7,000 available after four year to pay down for a new car. His Uncle Wally gave him dollar 15,000 from the sale of the old family farm now. If Wally wants to buy a new home entertainment center now and earns 2.9% per year, compound annually in his saving account, how much of the dollar 15,000 can he spend on the entertainment center and still have enough to grow to be dollar 7,000 after four years? Use the formula in solving this problem.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92077617

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