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FIN 215 – Fifteen years ago, Hailey invested $4,400 and locked in an 7 percent

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January 11th, 2018

Fifteen years ago, Hailey invested $4,400 and locked in an 7 percent annual interest rate for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in a 9 percentinterest rate. Present value$How much money should he invest now in order to have the same amount of money in 15 years as Hailey? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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