Quiz Journal
Personal Finance
Your mom needs to borrow grocery money from you to feed you and your eight brothers and sisters. You agree to lend her the money at 12% interest compounded annually. She agrees and tells you she can pay you $300 in one year, $400 in two years, and $200 in three years. How much are you going to lend her?
Your mom needs to borrow grocery money from you to feed you and your eight brothers and sisters. You agree to lend her the money at 12% interest compounded annually. She agrees and tells you she can pay you $300 in one year, $400 in two years, and $200 in three years. How much are you going to lend her?
Your mom needs to borrow grocery money from you to feed you and your eight brothers and sisters. You agree to lend her the money at 12% interest compounded annually. She agrees and tells you she can pay you $300 in one year, $400 in two years, and $200 in three years. How much are you going to lend her?
Answer: $729.10
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