Question

Alex wants to have $10,000 for a car in 8 years. Alex finds an account that earns 15% interest, compounded monthly. How

much does Alex need to invest to have at least $10,000 in 8 years?
a. about $5,000
b. about $3,000
c. about $8,000
d. None of the above

Answer 1

B. About $3,000

Explanation:

you will want an initial investment of $ 3,034.43

to attain a future value of $ 10,000.00

at an interest rate of 15%

for an investment period of 8 years

(trust I j took the test and it was B)

Answer 2

c

Explanation: