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How much will the purchases cost you

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Problem: You invested $10,000 on January 1, 2004, at 7% interest compounded annually. You have not touched the investment since that date. You are planning to take your money and close out the investment on January 1, 2014.

Required:

Question 1: If average inflation is 3.7%, what has been your "real" annual interest rate?

Question 2: At the time you originally invested, there was a boat you admired costing $8,000. Over the years, boats are inflating at a rate of 7%. You were also interested in a marine navigation system costing $4,000; similar systems are dropping in price at a 2% rate. If you decide to buy one of each when you close out the account, how much will the purchases cost you?

Question 3: How much money will you have left over (or be short) after your purchases?

Reference no: EM132438120

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