5. I have $2500 to invest. Solve each of the following. a. If I invest...
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5. I have $2500 to invest. Solve each of the following.
a. If I invest my $2500 at an annual rate of 6.25%, how much money will my investment be worth in 20 years?
b. At an annual rate of 6.25%, how long will it take before my investment will be worth $6000?
c. If I need my investment to be worth $10000 in 20 years, what annual rate of return (APY) will I need to get?
d. If I use an account compounding monthly what interest rate (APR) would I need to get for my original $2500 investment to be worth $10000 in 20 years?
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