Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to s

Question

Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 30% down payment. For example, to buy a $100,000 home, a person would need to save $30,000. At the end of each year for six years, the women make the following investments:

Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 30% down payment. For example, to buy a $100,000 home, a person would need to save $30,000. At the end of each year for six years, the women make the following investments:

Explanation / Answer

Cash $1,000                 Certificate of deposit               $10,000

               Bond                                     $9,446               Equity                                    $ 446

               Total assets                         $10,446               Total liabilities and equity $10,446

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