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In the aftermath of the mortgage crisis, Kyle and Mary Ellisfrom Las Vegas, Nevada, are co

In the aftermath of the mortgage crisis, Kyle and Mary Ellisfrom Las Vegas, Nevada, are co

In the aftermath of the mortgage crisis, Kyle and Mary Ellisfrom Las Vegas, Nevada, are considering remodeling their home. Theyoriginally wanted to sell their home and move to another area, butnews from the Las Vegas Sun continues to show a decline in realestate values. Their plan now is to improve their home’s curbappeal as well as update the interior. They estimate the cost willbe $69,000.

 

How much must they invest today at 8% interest compoundedquarterly in order to have the money they need to remodel in 11years? (Do not round intermediatecalculations.Round your answer to the nearestcent.)

 

  Present value

$  

Abhinav 03-Dec-2019

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