Solved: Managing a Condo The Crown Colony Condo Association is required by law to set
Chapter 6, Problem 37(choose chapter or problem)
Managing a Condo The Crown Colony Condo Association is required by law to set aside funds to replace its roof. The current cost to replace the roof is $100,000 and it will need to be replaced in 20 years. The cost of a roof is expected to increase at the rate of 3% per year. The Condo can invest in Treasuries yielding 4% paid semiannually. (a) What will the roof cost in 20 years? (b) If the Condo invests in the Treasuries, what semiannual payment is required to have the funds to replace the roof in 20 years?
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